RPM Seeks Chapter 11 Protection for Units Linked to Asbestos
3:42 PM MDT | June 7, 2010 | Nancy Seewald
Bondex and its holding company Specialty Products Holding Corp. (SPHC), two non-operating subsidiaries of RPM International, have filed for Chapter 11 bankruptcy protection in Delaware in an attempt to resolve claims related to the unitsâ€™ past and future asbestos liabilities. The filing does not have any impact on RPMâ€™s operating units. RPM says the move brings to a halt annual costs of about $60 million-$80 million, and will improve its annual cash flow by about $50 million. â€œThis action has been taken to once and for all resolve the asbestos-related...
If you have already signed up for access to Chemical Week Regulatory Watch, please log in here.
Forgot your user ID or password? Click here to have it sent to you.