A New York federal court rejected one...

A New York federal court rejected one of two appeals filed against Manville Corp.’s plan of reorganization. Although the Denver-based building and forest products company’s reorganization plan was confirmed by a New York bankruptcy court in December, 1986, its actual emergence from bankruptcy has been delayed because of the two appeals. The Second Circuit Court of Appeals in New York rejected an appeal filed by a building materials distributor who had challenged the bankruptcy court’s approval of a negotiated payment of $700 million, reached by Manville and 29 insurance carriers, for asbestos injury claims.