Owens-Illinois Glass announced that its subsidiary, Paddock Enterprises, LLC, has reached a tentative agreement for a Chapter 11 Plan of Reorganization that will establish an asbestos bankruptcy trust with $610 million in initial funding.
In the past four decades, the company paid out hundreds of millions in settlements and verdicts, and was still facing liabilities valued in hundreds of millions more.
Owens-Illinois, Inc. has been facing asbestos-related lawsuits for decades due to an asbestos-containing insulation product that the company manufactured under the brand name, Kaylo. Owens-Illinois Glass used Kaylo in their glass bottle production throughout the 1940s and 1950s. However, Owens-Illinois, Inc. stopped production of Kaylo products in 1958 and sold the rights to Owens-Corning. Owens-Corning has since established an asbestos bankruptcy trust as well.
Victims include insulation workers, pipe fitters, and anybody else who worked with products made with Kaylo insulation, which was fabricated using 15 percent asbestos.
Experienced Asbestos Attorneys
If you or someone you know has contracted mesothelioma or other asbestos related injury, we can help. Since 1983 Nass Cancelliere has earned a reputation as one of the premiere asbestos and personal injury law firms in the country. In the area of asbestos-related diseases alone, we have assisted thousands of asbestos victims from Pennsylvania, New Jersey and Delaware. Our attorneys have tried cases throughout Pennsylvania and New Jersey and we have collected over $500 million for our clients. Our firm has also been instrumental in changing many of the laws in Pennsylvania to help asbestos victims.
Our vast personal injury experience is now being put to use in representing victims in cases of ovarian cancer brought on by the use of talcum powder.
Learn more by calling 215-546-8200 to speak with an attorney or contacting us online.