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.