Asbestos Claims Spur Bankruptcy Filing: Eagle-Picher Industries...
From Times Staff and Wire reports
Asbestos Claims Spur Bankruptcy Filing: Eagle-Picher Industries Inc. said it has filed for Chapter 11 bankruptcy protection, citing its inability to raise enough cash to pay claims from workers who suffered injury from asbestos. The filing came as a surprise, because the Cincinnati-based company had agreed last month to settle lawsuits by paying $505 million to 175,000 current and future claimants. Now, however, it says it does not have the money to fund the liability. About $25 million was supposed to be paid from December, 1990, through February, 1991, Eagle-Picher Industries said.
