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From Times Staff and Wire Reports

Keene Corp. Faces Bankruptcy: The New York-based high-tech plastics manufacturer could be forced into bankruptcy if an appeals court ruling throwing out a mechanism to settle asbestos claims is not reversed, said a lawyer for the company. If the company becomes insolvent, it will be the 18th former asbestos manufacturer--including Manville Corp.--forced to seek bankruptcy protection because of injury claims. Some lawyers believe that the ruling could also have some impact on a case pending in Philadelphia federal court that proposes a $1-billion settlement of asbestos claims against 20 former asbestos makers. Earlier this week, the Second Circuit Court of Appeals invalidated Keene’s proposed plan to set up a $112-million limited fund to pay asbestos claims.


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