RPM Seeks Chapter 11 Protection for Units Linked to Asbestos

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 units’ past and future asbestos liabilities. The filing does not have any impact on RPM’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. “This action has been taken to once and for all resolve the asbestos-related...

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