Tyco Unit Yarway Enters Ch. 11 Saddled With Asbestos Claims

Law360, Wilmington (April 23, 2013, 4:20 PM EDT) -- Former industrial manufacturer Yarway Corp., a unit of Tyco International Ltd., sought Chapter 11 protection in Delaware bankruptcy court Monday saying decades of defending asbestos-related lawsuits have depleted its resources and left it unable to handle the press of recent claims.

Acquired by Tyco in 1997, the 105-year-old company once produced steam traps, control valves, gauges and other equipment but ceased manufacturing operations in 2003. Yarway estimates its current assets and liabilities between $100 million and $500 million, according to the bankruptcy petition.

“Yarway's decision to...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.