Specialty Products and Bondex International seek bankruptcy protection
Client(s) Specialty Products Holding Corp. and Bondex International, Inc.
Jones Day represents Specialty Products Holding Corp. and Bondex International, Inc. in their chapter 11 cases, which were commenced in the United States Bankruptcy Court for the District of Delaware on May 31, 2010. The debtors, which are leading manufacturers, distributors and sellers of various specialty chemical product lines, are subsidiaries of RPM International Inc., a multinational, public holding company with annual sales of approximately $3.4 billion. The debtors filed for bankruptcy due to the substantial cost of defending and resolving asbestos-related bodily injury lawsuits At the time of the filing, more than 15,000 lawsuits were pending against them. The debtors' intent is to obtain confirmation of a plan of reorganization, pursuant to section 524(g) of the Bankruptcy Code, that establishes a trust to pay current and future asbestos claims, and includes a channeling injunction that channels all asbestos claims to the trust.