Raymark/Raytech Settlement Found to Be in Best Interest of Companies' Estates

HARTFORD, Conn. - A U.S. bankruptcy court in Connecticut has approved a settlement proposal that withdraws and releases certain claims between the Raytech Corporation and Raymark Industries, Inc. estates, overruling objections by law firms, personal injury awardees and stockholders alleging that the settlement was improper. In re: Raytech Corp.; Raymark Industries, Inc.; and Raymark Corp., No. 89-00293 (D. Conn. Bankr.).

In its April 18 decision, the U.S. Bankruptcy Court for the District of Connecticut approved the settlement after it found that it would allow Raytech to promptly carry out its reorganization plan and maintain its listing on the New York …