Pfizer Inc. (PFE) agreed to lend its Quigley unit as much as $65 million in cash to extend the subsidiary’s bankruptcy, potentially giving Pfizer further protection against claims for asbestos-related health issues. Quigley asked U.S. Bankruptcy Judge Stuart Bernstein for permission to borrow the money in court papers filed July 29 in Manhattan. The cash would extend Quigley’s $20 million loan agreement from 2004, when the unit entered bankruptcy, and finance the case until Feb. 24, 2012, Quigley said. The additional money and time will free Quigley to work with Pfizer, the world’s largest drugmaker, and a committee of creditors “toward confirmation and consummation of a reorganization plan,” Quigley said.
