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Saturday, March 9, 2013

Another Asbestos Company Files for Bankruptcy: Rapid American / Philip Carey Manufacturing Co.

On Friday Rapid-American Corp., successor to asbestos liability of Philip Carey Manufacturing, filed for bankruptcy protection. Philip Carey was established in 1888 and was a long-time manufacturer of insulation products containing asbestos fiber.

Asbestos litigation was initiated in the 1970's for health conditions arising out of the exposure to asbestos products including asbestosis, lung cancer and mesothelioma. 

One of the successor companies was Celotex that had filed for bankruptcy protection previously. The Celotex bankruptcy fell shirt of covering the financial responsibilities of the asbestos litigation claims, and the responsibility fell upon Rapid America.

Rapid American has been a defendant in thousands of lawsuits including Navy veterans who were exposed to asbestos fiber while in service.

In Re Rapid-American Corp., 13-10687, is pending in the US Bankruptcy Court, Southern District of New York (Manhattan).
Jon L.Gelman of Wayne NJ is the author NJ Workers’ Compensation Law (West-Thompson) and co-author of the national treatise, Modern Workers’ Compensation Law (West-Thompson). For over 4 decades the Law Offices of Jon L. Gelman 1.973.696.7900 have been representing injured workers and their families who have suffered occupational accidents and illnesses.

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