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.