Georgia-Pacific Affiliate To Resolve Asbestos Claims In Ch. 11

By Alex Wolf (November 2, 2017, 7:30 PM EDT) -- Beset by asbestos exposure litigation for the past 40 years, Georgia-Pacific affiliate Bestwall LLC filed for Chapter 11 bankruptcy on Thursday with plans to set up a trust in order to deal with current and future claims, the company said.

Bestwall, which formerly manufactured asbestos-containing joint compound used to seal drywall, filed its bankruptcy petition in Charlotte, North Carolina, framing the move as "an effort to equitably and permanently resolve all its current and future asbestos claims."

The company said it intends to use a provision in the Bankruptcy Code that allows a debtor to channel asbestos liability claims into a...

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