Rapid-American Enters Ch. 11 To Handle Asbestos Claims
Law360, New York (March 8, 2013, 4:57 PM EST) -- Rapid-American Corp., a former holding company for retail and consumer products, sought Chapter 11 protection in Manhattan bankruptcy court Friday, citing increasing asbestos personal injury litigation for its financial woes.
Rapid, which director and Vice President Paul Weiner said was never involved in asbestos-related business, inherited the litigation through a long series of acquisitions of businesses beginning with The Philip Carey Manufacturing Co.'s manufacture and sale of building products that contained asbestos in 1888, according to court filings.
Rapid currently faces approximately 275,000 personal injury claims, according to Weiner's declaration. Many of those are related to mesothelioma, a cancer that can...
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