An Affiliate of Saint-Gobain in the US Takes Action to Achieve Equitable and Permanent Resolution of Its Asbestos Liabilities
COMPAGNIE ST GBN UNSP/ADR (CODYY)
NASDAQ:AMEX Investor Relations:
saint-gobain.com/en/finance
Company Research
Source: Business Wire
MALVERN, Pa.--(BUSINESS WIRE)--DBMP LLC, an affiliate of CertainTeed LLC, based in North Carolina that holds the legacy asbestos liabilities of the former CertainTeed Corporation, today announced that it has filed a voluntary petition for Chapter 11 relief in the U.S. Bankruptcy Court for the Western District of North Carolina in Charlotte in an effort to equitably and permanently resolve all of its current and future asbestos claims. Chapter 11 is a special legal process under U.S. law, which can take 3 to 8 years to run its course, that immediately stays all litigation thus allowing the filing company the time and protection to negotiate in a single forum an agreement approved by claimants and by the court.DBMP LLC intends to seek court authority to establish a trust under Section 524(g) of the U.S. Bankruptcy Code to ensure that all individuals with current and future asbestos claims are treated fairly and equitably. Section 524(g) is a specific provision of the U.S. Bankruptcy
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