Halliburton Spin-off Files Chapter 11 Bankruptcy Petition

WILMINGTON, Del. - The insurance holding company spun off from Halliburton Co. in 1996 has filed a petition for Chapter 11 reorganization in federal bankruptcy court. In Re: Highlands Insurance Group, Inc., No. 02-13196 (D. Del., Bankr.).

Highlands Insurance Group, Inc. and five of its wholly owned subsidiaries filed a petition for reorganization on Oct. 31 in U.S. Bankruptcy Court in the District of Delaware. The company listed more than $1.6 billion in assets and just over $1.8 billion in liabilities.

Highlands has been engaged in a bitter battle with asbestos defendant Halliburton Co. over the company's obligation to cover …