- A C and S, Inc.
- A.P. Green Industries, Inc.
- A.P. Green International, Inc.
- A.P. Green Refractories
- A.P. Green Services, Inc.
- Artra Group (Synkoloid)
- Armstrong World Industries, Inc.
- ASARCO Incorporated (Capco Pipe Company, Inc./Lake Asbestos of Quebec)
- Babcock & Wilcox Company
- Celotex Corporation
- Combustion Engineering, Inc.
- Congoleum Corporation
- Federal–Mogul Corporation
- Fibreboard Corporation
- Flintkote Company, The
- G–I Holdings Inc. (formerly GAF Corp.)
- Gasket Holdings Inc.
- J.T. Thorpe, Inc.
- Kaiser Aluminum & Chemical Corporation
- Keene Corporation
- Lake Asbestos of Quebec, Ltd.
- National Gypsum (Asbestos Claims Management Corp.)
- North American Refractories Company
- Owens Corning
- Pittsburgh Corning Corporation
- Quigley Company, Inc.
- Schutte & Koerting, Inc.
- T&N, Ltd. (part of Federal–Mogul Bankruptcy)
- United States Gypsum Company
- United States Mineral Products
- USG Corporation
- W.R. Grace and Company
Helping Asbestos Victims of Bankrupt Companies
Several companies involved with asbestos manufacturing and products have filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code (reorganizations) in recent years. When a company files for bankruptcy, actions against it are suspended pending a decision by the Bankruptcy Court, which must approve a plan of reorganization. Attorneys such as those at Brayton Purcell work to ensure that bankruptcy and the reorganization process are not used to avoid responsibilities to asbestos claimants.
Settlement Trusts in Asbestos Bankruptcy Cases
The reorganization plan must be submitted to creditors and to the court. Most companies set up settlement trusts as part of the plan. These are trusts that are organized to process, liquidate and pay all valid asbestos personal injury claims according to procedures approved by the bankruptcy court. Asbestos claimants, including future claimants, file claims against the settlement trust rather than against the company declaring bankruptcy.
Monies may not be disbursed to claimants until the court approves a bankruptcy plan. The large number of asbestos claims, some of which pose complex medical issues, often causes the bankruptcy process to take from several months to several years.
Claimants should be aware that the medical and asbestos exposure requirements vary for each settlement trust. Approved claims are paid based on the current payment percentage at that time. Typically, the trusts determine the settlement value of the claim, then apply a payment percentage which is only a fraction of the total value of the claim. Most trusts now pay from 5% to 15% of a claim’s value.
A trust will not contact doctors for additional information nor will it assist claimants with determining product exposure information. Therefore, it is very helpful to have an experienced attorney handle the details of an asbestos claim.
Working for Asbestos Victims
The law firm of Brayton Purcell files claims with the bankruptcy court on behalf of a client early in the case. The firm has volunteered to serve on various bankruptcy committees and closely monitors all asbestos bankruptcies.
Alan R. Brayton, founding and senior partner, serves as chairman of the Asbestos Unsecured Creditors’ Committee and also serves on the Owens Corning Official Committee of Asbestos Claimants. He attends meetings and works to achieve as favorable a resolution as possible for asbestos victims in relation to other bankruptcy creditors. In all cases, Brayton Purcell takes the position that it must play an active role in bankruptcies by fighting for clients’ rights. It will oppose efforts by otherwise solvent asbestos defendants to evade their responsibilities through bankruptcy.
As advocates for asbestos victims and their families, the attorneys at Brayton Purcell can provide the latest information on bankruptcies of companies involved with asbestos products This page will list recent bankruptcies, as well as links to bankruptcy web sites.