Jun 3, 2010 - BONDEX FILES FOR BANKRUPTCY
RPM International Inc. is a holding company that owns subsidiaries that manufacture specialty coatings, sealants, and building materials. RPM's industrial products include roofing systems, sealants, corrosion control coatings, flooring coatings and specialty chemicals. RPM's products are primarily used for home maintenance. The brands include Zinsser, Rust-Oleum, DAP, Varathane and Testors.
Two of RPM’s subsidiaries, Bondex and Specialty Products Holding Corp. (SPHC), have filed Chapter 11 reorganization proceedings in Delaware. SPHC is the holding company for Bondex. Bondex manufactured and sold a number of asbestos-containing products, including joint compounds and texture finishes.
As a result, victims of asbestos diseases have sued Bondex. The bankruptcy filings will stay all litigation related to the asbestos personal injury lawsuits against Bondex and SPHC. The Chapter 11 proceedings will allow SPHC and Bondex to establish a 524(g) trust which will offer some compensation for asbestos-related disease claims such as mesothelioma and lung cancer.
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