Asbestos Bankruptcy Trusts
Some of the companies responsible for exposing workers to asbestos have filed for bankruptcy under Chapter 11 of the US Bankruptcy Code. This is a different kind of bankruptcy than is commonly thought of in the rest of the world; it is not a liquidation of assets where the company goes out of business, but is a reorganization of debts so that the company continues on in a modified form.
This is sometimes referred to as a reorganization bankruptcy. As required under Chapter 11, companies must submit plans outlining their reorganization to creditors and the courts; as part of this plan, most companies set up trusts to benefit asbestos victims harmed by their processes or products.
Asbestos Bankruptcy Claims
These trusts are designed to provide payments for all present and future asbestos injury claims. Payments usually equal only a small portion of their true value. Because of our knowledge and experience, GPW’s asbestos attorneys are able to efficiently and effectively establish the rights of our clients to the money that has been put into asbestos trusts for victims of mesothelioma and other asbestos related diseases. We fight for every dollar owed our clients by the asbestos trusts.
We are able to so effectively process asbestos bankruptcy claims because of our specialized knowledge and dedicated staff. Many of our asbestos lawyers volunteer on the committees that help manage these trusts, so we know exactly what needs to be done to maximize the payments to our clients. Assisting our attorneys is our large, dedicated asbestos bankruptcy department of more than 10 experienced staff members. As a result of our size, we can quickly and efficiently complete and file claims against the many companies that have filed for bankruptcy.
When will my asbestos bankruptcy claims be paid?
The time it takes companies to plan, establish, and begin asbestos payouts from their trusts can be anywhere from several months to several years. While no firm can avoid these delays to payments, the hard work and experience of our dedicated asbestos attorneys and bankruptcy staff means that our clients receive their settlements as fast as possible.
Having filed over 75,000 individual bankruptcy claims with twelve different bankruptcy trusts means our staff is intimately familiar with the differing processes, requirements, and formats required by each trust. Our experience allows us to cut out delays caused by missing or incomplete information, delays not uncommon among others with less familiarity with asbestos bankruptcy trust procedures or lacking a dedicated asbestos bankruptcy department.
Companies & Trusts Paying Claims
These asbestos companies and/or Bankruptcy Trusts are currently receiving and paying claims:
- ABB Lummus
- AC&S (Armstrong Contracting & Supply)
- AP Green Industries
- ASARCO (Lake Asbestos)
- Armstrong World Industries
- Babcock & Wilcox
- CE Thurston
- Combustion Engineering
- Eagle Picher
- H.K. Porter
- Harbison Walker
- JT Thorp
- Leslie Controls
- NARCO (North American Refractories Company)
- National Gypsum
- Owens Corning Fiberglas
- Porter Hayden
- Quigley & Pfizer
- Raytech (Raybestos)
- Shook & Fletcher
- Thorp Insulation
- Turner & Newell
- United States Gypsum
- United States Mineral
- Western Asbestos
- W.R. Grace
No Trust Established
The following asbestos companies are presently “bankrupt” and Bankruptcy Trusts to pay claims have not yet been created:
- Pittsburgh Corning Corporation
- and a few others
If you have questions regarding asbestos bankruptcy, asbestos injuries, or bankruptcy trust payments, please contact us today.