Court Approves RPM Agreement to Resolve Asbestos Personal Injury Claims
MEDINA, OH - RPM International Inc. announced that the United States Bankruptcy Court in Delaware and the United States District Court in Delaware have confirmed the plan of reorganization for RPM's Specialty Products Holding Corp. (SPHC) subsidiary and related entities.
SPHC originally filed for bankruptcy protection on May 31, 2010, to permanently resolve asbestos claims related to its Bondex International Inc. subsidiary. At closing of the plan of reorganization, which is expected to take place over the next several days, a trust will be established under Section 524(g) of the United States Bankruptcy Code for the benefit of current and future asbestos personal injury claimants. The trust will assume all liability and responsibility for these current and future asbestos claims, and SPHC and its related entities will have no further liability or responsibility for, and will be permanently protected from, the claims.