Asbestos Bankruptcy Companies
Asbestos and American Industry
For almost one hundred years asbestos was one of the most popular materials used for the manufacture of insulation and hundreds of industrial and construction products that needed to insulate, act as a fire retardant, be flexible yet tough. By the 1970s however the asbestos companies finally acknowledged the obvious: asbestos fibers can be extremely toxic when inhaled or ingested. Recognizing asbestos toxicity resulted in, among other things, several dozen asbestos bankruptcies.
Since the courts have held asbestos companies liable for health damages due to their products, hundreds of thousands of claims have been filed against those companies for damages. Employees from the construction trades, military veterans, and workers from dozens of industries filed suits against manufacturers of asbestos and companies who used the material in their products.
An enormous number of companies faced liability actions from former employees: paper mills auto plants, steel mills, oil and petrochemical companies, forges – these are a few examples of companies that used asbestos in their production lines. Most of these have dealt with asbestos liability claims and stayed in business.
However some asbestos mining companies along with companies whose principal products were made from asbestos or had asbestos components faced so many liability suits that they chose to file for Chapter 11 bankruptcy. The goals of a Chapter 11 filing were reorganizing company finances and finding a way to deal with the liability claims.
The Asbestos Bankruptcy Companies
Over seventy American corporations filed for bankruptcy, some of them major industrial firms. They are listed below. As the list shows, have been drawn into the bankruptcy process since the 1980s. Over the years a formula for asbestos bankruptcy settlements has emerged. All of the asbestos companies have sought a way to limit their liability over the lawsuits filed by victims of asbestosis and mesothelioma cancer.
The courts have allowed the asbestos bankruptcy companies to set up asbestos trust funds that are large amounts of cash put aside for the purpose of compensating legitimate claims from people whose health has been impacted by asbestos. The courts then limit the extent of the bankrupt company to the amount contained in the trust fund, and the company is free to emerge from bankruptcy.
The Asbestos Bankruptcy Trust Funds
Once an asbestos bankruptcy company has established its asbestos claims fund, people who have developed asbestosis or mesothelioma cancer from asbestos can file damage claims with the fund administrator instead of suing the asbestos company. Hundreds of thousands of Americans have done so.
Many asbestos claimants who have experienced attorneys file claims against more than one trust fund. If you have an asbestos related health problem and want an attorney that has experience – and success - with the asbestos bankruptcy funds give us a call at 1-800-490-6014 or fill out the brief form at the top of the page. Tell us about your experiences with asbestos exposure and we’ll take it from there.
Company Year of Bankruptcy Filing
ABB Lummus Global 2006
A-Best Products 2002
ACandS, Inc. 2002
Amatex Corp. 1982
American Shipbuilding Co. 1993
Ancor Holdings/National Gypsum 1990
API Inc. 2005
Armstrong World Industries 2000
Artra Group, Inc. 2002
Asarco, Inc. 2005
Babcock & Wilcox Co. 2000
Brauer Supply Co. 2005
Brunswick Fabricators 1998
Burns & Roe 2001
Carey Canada, Inc. 1990
Cassiar Mines 1992
Celotex Corp. 1990
C.E. Thurston 2003
Christy Refractories Co. 2008
Combustion Engineering 2003
Congoleum Corp. 2003
Dana Corporation 2006
Delaware Insulations Distributors 1989
Dresser Industries/Halliburton 2003
Eagle Pitcher Industries 1991
EJ Bartells Co. 2001
Federal Mogul Corp. 2001
Flintkote Co. 2004
Forty-Eight Insulations 1985
Fuller-Austin Insulation Co. 1998
Gatke Corp. 1987
G-I Holdings 2001
GlT 2002
Harbison-Walker/AP Green 2002
Harnischfeger Corp. 1999
Hercules Chemical Co. 2008
Hillsborough Holdings 1989
H.K. Porter Co. 1991
Insul Co. 2001
Johns-Manville Corp. 1982
JP Stevens 2004
JT Thorpe 2002
Kaiser Aluminum Corp. 2002
Keene Corp. 1993
Kentile Floors Inc. 1992
Lake Asbestos of Quebec 2005
Lloyd E. Mitchell Co. 2006
McLean Industries 1986
M.H. Detrick 1998
Mid-Valley /Halliburton 2003
The Muralo Co. 2003
Murphy Marine Services 2001
North American Refractories Co. (NARCO) 2002
Nicolet, Inc. 1987
Ogelbay Norton (ONCO) 2004
Owens Corning/Fibreboard 2000
Pacific Insulation Co. 2007
Philadelphia Asbestos Corp. 1986
Pittsburgh Corning 2000
Plibrico Co. 2002
Porter-Hayden Co. 2002
Prudential Lines, Inc. 1986
Quigley Co. 2004
Raymark Corp./Raytech Corp. 1989
Rock Wool Manufacturing 1996
Rutland Fire Clay Co. 1999
Shook & Fletcher Insulation Co. 2002
Skinner Engine Co. 2001
Special Electric Co. 2004
Special Metals Corp. 2002
Standard Insulations, Inc. 1986
Swan Transportation Co. 2001
T H Agriculture & Nutrition 2008
Thorpe Insulation Co. 2007
Todd Shipyards 1987
Unarco Industries, Inc. 1982
United States Lines 1986
United States Mineral Products 2001
UNR Industries, Inc. 1982
USG Corp. 2001
Utex Industries 2004
Wallace & Gale 1984
Waterman Steamship Corp. 1983
Western Macarthur 2002
W.R. Grace Co. 200