Georgia-Pacific Gets Unjust Benefit With Ch. 11, Creditors Say
By Alex Wolf (October 18, 2018, 10:30 PM EDT) -- The unsecured creditors of bankrupt Georgia-Pacific affiliate Bestwall LLC on Wednesday again urged a North Carolina bankruptcy court to dismiss the company's Chapter 11 case, accusing the parent company of unjustly devising a way to dump off and reduce its legacy asbestos liabilities.
Georgia-Pacific continues to face backlash over an internal corporate restructuring the paper product and building material manufacturer pulled off last year that enabled it to sever its legacy asbestos liabilities and transfer them to Bestwall, a subsidiary that filed for bankruptcy with the intent of channeling current and future asbestos claims into a victims' trust.
An official committee...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!