Cos. Can Sell Future Asbestos Liabilities To Avoid Bankruptcy

By Milan Ceppi and Charles Oswald (August 10, 2020, 5:30 PM EDT) -- In today's world, filing for Chapter 11 bankruptcy protection under Section 524(g) of the Bankruptcy Code has become common for asbestos claims defendants. Over 100 companies have filed for bankruptcy protection due, in part, to asbestos personal injury claims, and over 39 companies have filed since 2010.

Most recently, on June 18, two units of Trane Technologies PLC, an affiliate of Ingersoll-Rand Co., filed a Chapter 11 case in North Carolina bankruptcy court. This marks the third time this year that a unit of a large corporation has filed a Section 524(g) asbestos bankruptcy case.[1]

On the surface, a bankruptcy under...

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