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Court sets RPM subsidiaries’ asbestos liability at $1.17 billion

9:18 AM MDT | May 21, 2013 | Vincent Valk

Specialty Products Holding Corp. (SPHC) and Bondex, RPM insulation products subsidiaries that are in Chapter 11 bankruptcy protection because of asbestos claims, could be held liable for up to $1.17 billion in asbestos claims, a Delaware court decided today. SPHC and Bondex intend to appeal the claim, and RPM says the appeals process could take two to three years. “The debtors … firmly believe substantially overstates the amount of their liability and is not supported by the facts or the law,” RPM says.   RPM opted to take SPHC and Bondex...

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