Bankruptcy Trusts

For decades, American corporations continued to use asbestos in a surprising array of products, long after the health risks of the dangerous substance were well known. Although asbestos is deadly, it is also strong, flexible, fire resistant and cheap. But the asbestos industry’s choice to sacrifice the health of American workers in favor of company profits ultimately proved very costly for everyone. As thousands upon thousands of health claims were filed against the asbestos companies responsible, many businesses have elected to file for Chapter 11 bankruptcy protection. During the bankruptcy procedure, many asbestos companies have established asbestos bankruptcy trusts. The trusts allow the manufacturers to pay off personal injury claims at a set rate fixed in the bankruptcy reorganization plan. Asbestos claimants make their case against the bankruptcy trust rather than in court. Some of the asbestos bankruptcy trusts manage billions of dollars set aside for claimants.

Asbestos Bankruptcies
Among the asbestos manufacturers and businesses that have filed for bankruptcy protection are the following companies, listed according to the year in which the corporation sought Chapter 11 protection:

1982
Amatex Corp.
Johns-Manville Corp.
Unarco Industries, Inc.
UNR Industries, Inc.

1983
Waterman Steamship Corp.

1984
Wallace & Gale

1985
Forty-Eight Insulations

1986
McLean Industries
Philadelphia Asbestos Corp.
Prudential Lines, Inc.
Standard Insulations, Inc.
United States Lines

1987
Gatke Corp.
Nicolet, Inc.
Todd Shipyards

1989
Delaware Insulations Distributors
Hillsborough Holdings
Raymark Corp./Raytech Corp.

1990
Ancor Holdings/National Gypsum
Carey Canada, Inc.
Celotex Corp.

1991
Eagle Pitcher Industries
H.K. Porter Co.

1992
Cassiar Mines
Kentile Floors Inc.

 1993
American Shipbuilding Co.
Keene Corp.

1996
Rock Wool Manufacturing

1998
Brunswick Fabricators
Fuller-Austin Insulation Co.
M.H. Detrick

1999
Harnischfeger Corp.
Rutland Fire Clay Co.

2000
Armstrong World Industries
Babcock & Wilcox Co.
Owens Corning/Fibreboard
Pittsburgh Corning

2001
Burns & Roe
EJ Bartells Co.
Federal Mogul Corp.
G-I Holdings
Insul Co.
Murphy Marine Services
Skinner Engine Co.
Swan Transportation Co.
United States Mineral Products
USG Corp.
W.R. Grace Co.

2002
A-Best Products
ACandS, Inc.
Artra Group, Inc.
GlT
Harbison-Walker/AP Green
JT Thorpe
Kaiser Aluminum Corp.
North American Refractories Co. (NARCO)
Plibrico Co.
Porter-Hayden Co.
Shook & Fletcher Insulation Co.
Special Metals Corp.
Western Macarthur

 2003
C.E. Thurston
Combustion Engineering
Congoleum Corp.
Dresser Industries/Halliburton
Mid-Valley /Halliburton
The Muralo Co.

2004
Flintkote Co.
JP Stevens
Ogelbay Norton (ONCO)
Quigley Co.
Special Electric Co.
Utex Industries

2005
API Inc.
Asarco, Inc.
Brauer Supply Co.
Lake Asbestos of Quebec

2006
ABB Lummus Global
Dana Corporation
Lloyd E. Mitchell Co.

2007
Pacific Insulation Co.
Thorpe Insulation Co.

2008
Christy Refractories Co.
Hercules Chemical Co.
T H Agriculture & Nutrition

Asbestos Bankruptcy Trusts
Not all of the corporations listed have established bankruptcy trusts. Indeed, the list of asbestos bankruptcy trusts currently evaluating and paying health claims is much shorter, and includes the following corporations:

Manville (1982)
Celotex (1990)
National Gypsum (1990)
Eagle Picher (1991)
HK Porter (1991)
Keene Corp. (1993)
Armstrong World Industries (2000)
Babcock & Wilcox (2000)  		 Fibreboard (2000)
Owens Corning Fiberglas (2000)
United States Gypsum (2001)
Harbison Walker/ AP Greene (2002)
Kaiser Aluminum Corp. (2002)
Plibrico (2002)
Combustion Engineering (2003)
Halliburton (2003)