An asbestos bankruptcy trust was filed for in 2006 for Owens Corning Fibreboard, under the name Owens Corning/ Fibreboard Asbestos Personal Injury Trust. Asbestos bankruptcy trusts are typically set up so that people who become victims of asbestos exposure can potentially obtain financial compensation for any illness incurred as a result of such exposure, including mesothelioma.
Once the horrible effects of asbestos exposure became known to the United States public, people began hiring asbestos lawyers and suing the companies responsible for their illnesses, mesothelioma in particular. As the number of these lawsuits increased, it became necessary for the manufacturers and distributors of asbestos products to file for bankruptcy and reorganize their debts in a way that would allow them to pay off their liabilities. Part of this process involved setting up trusts to settle the claims.
Founded in 1938, Owens Corning Fiberglass Corporation was a manufacturer, and the inventor, of glass fiber and glass fiber insulation. In 1953, it began distributing asbestos insulation.
Unable to handle the thousands of asbestos-related lawsuit filed against it, in October of 2000, Owens Corning filed for protection under Chapter 11 of the US Bankruptcy Code. This included seventeen of its subsidiaries, most notably Fibreboard Corp., Owens Corning Fiberglass Technology, Inc., and CDC Corp.
At the time of filing, the company had 460,000 lawsuits against it and had already paid out $5 billion in settlements. When it emerged from bankruptcy in 2006, the Owens Corning/ Fibreboard Asbestos Personal Injury Trust was established to resolve any outstanding or future asbestos liabilities.For more information on this Asbestos Bankruptcy Trust, visit the Trust web site at http://www.ocfbasbestostrust.com/ or call 866-665-5787