20 May 2013 22:15 [Source: ICIS news]
HOUSTON (ICIS)--A US bankruptcy court estimated that two units of RPM International owe about $1.17bn (€913m) in asbestos claims, the adhesives and sealants producer said on Monday.
The two subsidiaries, Bondex International and Specialty Products Holding Corp (SPHC), said the amount is too high and they plan to appeal the estimate, which was included in an opinion issued by the US Bankruptcy Court, District of Delaware. The appeals process could take up to three additional years, RPM said.
Bondex and SPHC filed for bankruptcy protection under Chapter 11 in 2010. The filing was part of a strategy under which all future asbestos claims would be directed to a trust.
($1 = €0.78)
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