Asbestos-Saddled Specialty Products Submits 1st Ch. 11 Plan

Law360, Wilmington (July 13, 2012, 10:01 PM EDT) -- Specialty Products Holding Corp. submitted its first Chapter 11 reorganization plan Thursday, more than two years after entering asbestos-induced bankruptcy and more than two months after creditors with health-related claims stole a march on the firm and submitted a plan of their own.

Under pressure from 15,000 lawsuits, the Pittsburgh-based company headed for bankruptcy in May 2010 despite being operationally profitable. The Chapter 11 case has been bogged down ever since by the difficulty of estimating the company’s massive asbestos liability.

The official committee of asbestos...
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