For decades, state and federal dockets have been filled with lawsuits involving claims related to the manufacture, distribution, and use of materials containing asbestos. As is often the case with failed products or business models, the final stop for these companies is frequently the bankruptcy courts.
Addressing present and future claimants exposed to asbestos and other substances has become a sub-specialty in bankruptcy practice. Section 524(g) of the Bankruptcy Code authorizes a company facing asbestos claims to channel present and future claimants into a claims resolution process. The process includes resolution and potential payment of claims from a trust, often funded by insurance policies issued many years ago.
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