Asbestos Claimants Maybe be Impacted by US Supreme Court Decision

The recent Supreme Court oral arguments in Truck Insurance Exchange v. Kaiser Gypsum Co. Inc. (22-1079) centered on the question of whether an insurer has the right to object to a debtor's reorganization plan under Chapter 11 bankruptcy. The outcome of this case will significantly impact how asbestos claims are handled in bankruptcy proceedings.

CertainTeed files for bankruptcy claiming asbestos liabilities

DBMP LLC, an affiliate of CertainTeed LLC, based in North Carolina that holds the legacy asbestos liabilities of the former CertainTeed Corporation, today announced that it has filed a voluntary petition for Chapter 11 relief in the U.S. Bankruptcy Court for the Western District of North Carolina in Charlotte in an effort to equitably and permanently resolve all of its current and future asbestos claims. Chapter 11 is a special legal process under U.S. law, which can take 3 to 8 years to run its course, that immediately stays all litigation thus allowing the filing company the time and protection to negotiate in a single forum an agreement approved by claimants and by the court.

PPG Fully Funds Its Share of Pittsburgh Corning $3.5 Billion Asbestos Trust

The 16 year wait is over. Finally emerging from bankruptcy, Pittsburg Corning today announced that the company has fully funded its portion of the Pittsburgh Corning Asbestos Trust that was established by the U.S. Bankruptcy Court for the Western District of Pennsylvania in May 2016.