Georgia-Pacific unit seeks bankruptcy in wake of asbestos cases [Reuters]
W.R. Grace & Co. (GRA)
Last w.r. grace & co. earnings: 4/30 06:00 am
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Source: Reuters
Georgia-Pacific unit seeks bankruptcy in wake of asbestos cases | Reuters 3 Min Read WILMINGTON, Del (Reuters) - An affiliate of Georgia-Pacific LLC, which makes Brawny paper towels, has filed for U.S. Chapter 11 bankruptcy amid soaring costs of defending against claims its products caused asbestos-related diseases, according to a company statement on Thursday. The affiliate, Bestwall LLC, joins scores of U.S. manufacturers that have filed for bankruptcy due to asbestos litigation, and comes as the U.S. Congress mulls a bill that plaintiffs’ lawyers say would discourage asbestos claims. Georgia-Pacific is unaffected by the filing and Bestwall will continue operating normally, the statement said. Bestwall’s legal costs from asbestos have risen to an average of $160 million a year, up from $6 million a year prior to 2000, according to company filings. Asbestos is a naturally occurring mineral once prized for its resistance to heat but its fibers can cause deadly cancers, including mesot
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