Specialty Products' Asbestos Creditors Float Ch. 11 Plan

Law360, Wilmington (May 16, 2012, 3:47 PM EDT) -- Creditors with claims for asbestos-related health problems proposed the initial reorganization plan for Specialty Products Holdings Corp. on Monday, hoping to jump-start a case stalled by the difficulty of estimating the bankrupt company’s massive asbestos liability.

Besieged by 15,000 asbestos lawsuits, Specialty Products ducked into bankruptcy in May 2010, despite being operationally profitable. The company’s subsidiaries, including Bondex International Ltd., make adhesives and other chemical-based home improvement products, some of which have been linked to mesothelioma and other ailments caused by asbestos exposure.

The official committee...
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