The following is our list of the so-called “Asbestos Bankruptcy Trusts” that had been established by various asbestos companies as of January 1, A&I Corporation Asbestos Bodily Injury Trust. A-Best Asbestos Settlement Trust. AC&S Asbestos Settlement Trust. Amatex Asbestos Disease Trust Fund. APG Asbestos Trust. Settlement Trusts in Asbestos Bankruptcy Cases. The reorganization plan must be submitted to creditors and to the court. Most companies set up settlement trusts as part of the plan. These are trusts that are organized to process, liquidate and pay all valid asbestos personal injury claims according to procedures approved by the bankruptcy court. 93 rows · Asbestos Bankruptcy Trusts List. n.y.c. Flintkote Company And Flintkote Mines Limited Asbestos Personal Injury Trust. Proposed. Pacific Insulation Co. n.y.c. Thorpe Insulation Company Asbestos Personal Injury Settlement Trust. Proposed. Pittsburgh Corning. n.y.c. Pittsburgh Corning.
Related videosAsbestos Bankruptcy Trusts and Money Available to Claimants
The balance of a trust will fluctuate based on these investments and the number of claims in a particular period. Asbestos trust funds pay victims based on a predetermined schedule.
This allows the trust to gradually pay victims using the amount of funds in the trust, which may increase or decrease depending on the investments. Further, the trusts award claimants based on what asbestos-related disease they were diagnosed with. Claimants with life-threatening conditions — such as mesothelioma — receive more money than those with less serious health issues. In these cases, the USBC allows trusts to set up payment percentages.
Through payment percentages, the trust can pay a small portion of what is fully owed to a victim for the good of all the others who may need compensation in the future. Anyone looking to receive money from a trust fund should consult with an experienced lawyer, who can inform them of payment percentages and other legal options.
As shown in the asbestos trust fund list above, many trusts remain active and still pay victims today. Though the amount of compensation can vary, these funds help families affected by mesothelioma and other asbestos-related diseases cover their medical expenses and remain financially stable during a difficult time.
To learn more about accessing money from the asbestos trust fund list, start a free legal case review today. Our team can help you learn how to receive trust fund money with help from a mesothelioma lawyer. Stephanie Kidd grew up in a family of civil servants, blue-collar workers, and medical caregivers.
Upon graduating Summa Cum Laude from Stetson University, she began her career specializing in worker safety regulations and communications. Get started by searching below:. Some of the biggest asbestos trust fund companies include: Garlock Sealing Technologies In , Garlock filed for bankruptcy amid increasing costs of asbestos-related lawsuits.
Johns-Manville This construction company became the first to establish an asbestos trust fund in Owens Corning Fibreboard This company established two separate asbestos trust funds in United States Gypsum Founded in , this company relied on asbestos to make drywall and other building materials. WR Grace This company controlled or built major assets in the town of Libby, Montana, including an asbestos mine, the town hospital, and several schools. Did You Know? Federal Mogul U. Hercules Chemical Company Inc.
Leslie Controls, Inc. Quigley Co. Chapter 7 Liquidation Manufacturers file for Chapter 7 bankruptcy when they cannot pay all the money they owed to asbestos victims from lawsuits.
Chapter 11 Protection Under Chapter 11 bankruptcy, companies can come up with a plan to pay their debts without shutting down. Administering Asbestos Trust Funds The asbestos trust funds named on the list above are controlled by third-party boards of trustees. Trust Funds and Solvency To keep a trust fund active, it must have enough money to pay both current and future victims of asbestos exposure.
Plibrico g Trust. Porter Hayden Bodily Injury Trust. Shook and Fletcher Asbestos Settlement Trust. Western Asbestos Trust. Amatex Asbestos Disease Trust Fund. Fuller-Austin Asbestos Settlement Trust. United States Lines, Inc. Reorganization Trust. Companies Involved: Porter-Hayden Co. Quigley Co. Asbestos Personal Injury Trust After declaring bankruptcy in over asbestos claims, Quigley was unable to reorganize for several years due to disputes.
Its parent company, Pfizer, was able to negotiate terms to allow it to reorganize and establish a trust. The trust contains hundreds of millions of dollars in stocks and cash. Companies Involved: Quigley Co.
It emerged in with a trust which handles claims made by former employees of Raymark, Raytech, and Raybestos. Companies Involved: Raymark Corp. After facing roughly , lawsuits, the company declared bankruptcy and reorganized, creating the Rock Wool Manufacturing Company Asbestos Trust. The trust accepted claims from November through the beginning of January The company was forced to file bankruptcy by a massive volume of asbestos claims. When it reorganized in , it created a trust to handle those claims, which it did from November to January The trust is funded with sufficient assets to cover the many claims brought by employees.
Skinner Engine Co. Asbestos Trust After Skinner and ACE filed Chapter 11 bankruptcy in , and after several attempts at reorganization, their bankruptcy was changed to Chapter 7, effectively shutting down prospects of a trust.
Companies Involved: Skinner Engine Co. Swan Asbestos and Silica Settlement Trust Swan Transportation Company had a liability arising from the presence of asbestos and silica dust in their operations or more specifically, from those of Tyler. Asbestos Personal Injury Trust T.
Within roughly a year of declaring bankruptcy, the company established a trust to handle about 6, claims. Companies Involved: T. They distributed insulation products containing asbestos, and claims can be made by individuals who worked at the various entities with whom they did business. Companies Involved: Thorpe Insulation Co. United States Gypsum Asbestos Personal Injury Settlement Trust As a manufacturer of plasters, paints, tiling, and insulation, USG used asbestos in many of its products, leading to lawsuits and bankruptcy.
In , it reemerged with a bankruptcy trust that would take on asbestos claims. United States Lines, Inc. It restructured in , and the trust continued to face numerous claims from MALC. Mineral Products Company used asbestos in several of its fire resistant products.
The company went bankrupt in under the weight of over , claims. The trust was formed to handle those liabilities. Unnamed Garlock, gasket manufacturer and subsidiary of EnPro, declared bankruptcy in and began the process of establishing a reorganization plan. UNR Asbestos-Disease Personal Injury Trust Tens of thousands of lawsuits from its employees forced Unarco to declare bankruptcy, after which it reorganized and created a trust. It paved the way for other companies to do the same, and the trust still serves to satisfy asbestos claims against Unarco.
Utex Industries, Inc. Successor Trust Utex provided sealing products to water distribution, oil extraction, and natural gas industries, and its use of asbestos led to nearly 4, claims, about 2, of which have been paid through the Utex Industries, Inc. Successor Trust. Grace faced nearly , lawsuits. Companies Involved: W. Companies Involved: Wallace and Gale Co. Companies Involved: MacArthur Co. Paul, Minnesota. Yarway Asbestos Personal Injury Trust Yarway used and manufactured components that included asbestos, including gaskets, packing materials, taps, and valves.
The company faced numerous lawsuits, forcing it to declare Chapter 11 bankruptcy and reorganize. The trust handles claims against the company. Companies Involved: American Shipbuilding Inc. Undefined Vehicle manufacturer Chrysler manufactured and sold automobile parts that included asbestos.
The company declared bankruptcy in , but soon after emerged. No trust was established. Undefined Dana Corporation manufactured automobile parts using asbestos, particularly brake pads, gaskets, thermal linings, and so on. While it did not establish a bankruptcy trust for all asbestos victims, it did establish a Voluntary Employee Beneficiary Association trust fund for former employees affected by asbestos.
Undefined Delaware Insulations has had its bankruptcy reorganization plan confirmed as of Companies Involved: Durable Manufacturing Co. Undefined Gatke Corporation manufactured brake pads and other products using asbestos. It declared bankruptcy in in order to shield itself from ensuing lawsuits. Companies Involved: Gatke Corp. They declared bankruptcy in , then reemerged in , after which it was bought by Jay Global. Undefined Hillsborough Holdings Corp.
Companies Involved: Hillsborough Holdings Corp. Undefined Lloyd E Mitchell Inc. After declaring bankruptcy, it has faced challenges reorganizing and establishing a trust. Companies Involved: Lloyd E. Mitchell Co. Undefined Oglebay Norton Company emerged from bankruptcy in , fully restructured in order to handle debts resulting from asbestos lawsuits. Companies Involved: Oglebay Norton Co.
Undefined Special Electric Company faced lawsuits based on its sale of asbestos products, resulting in lawsuits and bankruptcy. Undefined After succumbing to asbestos claims, Special Metals Corp managed to get back on its feet and is now expanding. No news as yet concerning a trust.
Companies Involved: Special Metals Corp.