Asbestos Bankruptcy Trust for Unarco Industries
Unarco IndustriesUNR Asbestos-Disease Claims Trust
Filed 2001
An asbestos bankruptcy trust was filed for in 2001 for Unarco Industries, 400 SE 15th Street Wagoner OK 74467 under the name UNR Asbestos-Disease Claims 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. As these claims piled up on the manufacturers and distributors of asbestos products, it became necessary for most of these companies 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.
The first company to file for bankruptcy under Chapter 11 in relation to asbestos-related claims was UNR industries. It filed along with 10 affiliates, including Unarco. Unarco manufactured several insulation products using highly toxic asbestos mined in South Africa.
Though filings for alleged asbestos-related illnesses emerged as far back as 1951, Unarco did not file for bankruptcy until July 1982. With 17,000 asbestos lawsuits filed against it and at least 120,000 more predicted, the company was facing a major escalation of personal asbestos injury liabilities.
In 1990, when the plan of reorganization was confirmed, the UNR Trust was established to handle the claims. Originally funded with 64% of the organization's shareholder equity, the trust settled more than 360,000 claims within the first 20 years of creation. As of the end of 2008, the trust had received 439,776 claims.
For more information on this Asbestos Bankruptcy Trust, visit the Trust web site at http://www.cpf-inc.com/unr_instructions.aspxContact the asbestos lawyers at Clapper, Patti Schweizer & Mason for more information on the bankruptcy trust for Unarco Industries, or if you have any other questions regarding mesothelioma.