Asbestos Bankruptcy Trusts
The Background
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 be flexible, fire resistant and tough. By the 1970s however the asbestos companies finally acknowledged the obvious: asbestos fibers can be extremely toxic when inhaled or ingested.
Since then the courts have held asbestos companies liable for health damages due to their products. Hundreds of thousands of claims have been filed against them for damages, almost exclusively health 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.
Because asbestos use was so widespread and has ruined the health for so many people over 70 companies that were producers of asbestos or asbestos products filed for Chapter 11 bankruptcy for the purpose of protecting themselves from asbestos liability claims, and to buy time to reorganize the business. Among the results of these bankruptcy filings are the asbestos bankruptcy trusts.
Establishment of the Asbestos Bankruptcy Trusts
Bankruptcy reorganization plans from these companies are submitted to the court, but include input from debtors and liability claimants. Most companies set up asbestos bankruptcy trusts as part of the plan. These are trusts that are established to pay off asbestos personal injury claims according to a specific process as set forth in the reorganization plan. Asbestos claimants file claims against the asbestos bankruptcy trust rather filing a lawsuit against the company that has declared bankruptcy. Some of these trusts hold billions of dollars.
Court approval of all these bankruptcy reorganization plans has been the necessary first step along with approval of the operating procedures for the asbestos bankruptcy trusts. Because there are thousands of asbestos claims against many of these companies – many with complicated medical histories - there is an enormous amount of material to review prior to agreement on the size of the trust. For many of these companies it has taken a decade or more, which is why there are so many recent completions of the bankruptcy reorganization process.
Filing Claims with the Asbestos Bankruptcy Trusts
The procedures for making a financial claim depend upon the structure the court has established for the trust. The medical requirements and proof of asbestos exposure requirements differ among the various trusts. Many claimants file with more than one trust; for example liability may fall to the company that manufactured the asbestos product and the mining business that produced the asbestos as well. It is up to the claimant to produce all of the relevant evidence – the medical records, the employment history and medical opinions about possible future health problems.
Experienced Legal Assistance
Most people who have been afflicted with an asbestos related disease and seek compensation from the asbestos bankruptcy trusts use an attorney. Every trust has its own procedure and pitfalls; many people file with more than one trust. Below is a partial list of companies that have filed for asbestos bankruptcy - partial because many of these companies had subsidiaries or were subsidiaries themselves and may be involved in multiple bankruptcy filings.
If you have an asbestos related health problem and want an attorney that has experience with the asbestos bankruptcy trusts, fill out the brief form at the top of the page. While your former employer may not have an asbestos bankruptcy trust, there may be affiliated companies, such as former suppliers, that do. 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. 2001