mesothelioma attorney ohio
mesothelioma attorney ohio
WASHINGTON – Owens Corning emerged from bankruptcy last, after almost 5 years of operating under creditor protection.
U.S. Bankruptcy Judge Judith Fitzgerald congratulated the two parties to finally agree after the tension and sometimes the chaos created by lawyers for victims asbestos, as well as representatives of the bondholders of the company.
The company filed for protection on the grounds that costs of asbestos litigation destroying the financial assets of the company.
Under the joint plan to enter into force until October 30, Owens Corning has $ 7 billion in claims for asbestos removed from his record and went to a special trust. The creation and implementation take time that some asbestos claimants (especially those with asbestosis and mesothelioma) complain that there will be dead in when they are eligible for compensation.
The judge responded that if the applicants have submitted individually, the bottleneck resulting destroy the company and many victims receive no compensation, given the time needed for each individual case aggravated with those of existing assets of the company.
Ohio-based building products manufacturer to pay $ 5 billion for asbestos claims with another U.S. $ 2.27 billion to creditors. The existing equity will be deleted, and the company will issue millions of new shares.
In 2000, Owens Corning, sought the protection of Chapter 11 bankruptcy in order to protect billions of dollars for claims related to their manufacture containing Asbestos building materials, decades ago.
"The asbestos particles pose a risk unless damaged or loose in the air during the mining and manufacturing. While inhaled fibers stuck in the lungs and over time can cause cancer where cells in another attempt to digest.
"In 1980 the important judgments have been awarded to victims and their families affected by diseases related to asbestos. The rush that comes from morality has broken a number of large companies and has created a backlog of cases which can not be decided before the victim dies.
-Plans on how best to manage the asbestos litigation have become popular subjects newspapers for judicial and congressional proposals, including draft bill controversial FAIR 2005.
Owens-Corning is also synonymous with the cartoon character Pink Panther, who served as mascot of the insulation division since 1980.
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William Gallahue
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Article Source: ArticlesBase.com – The “pink Panther” to Be Back On the Prowl
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