Asbestos Claims Force Metex to Seek Bankruptcy Protection for Second Time in 20 Years

Posted on November 19, 2012 at 8:57am by

This is a 1950s advertisement for vinyl asbestos floor tiles from Kentile Floors Inc. The company was one of the largest manufacturers of floor tiles in the nation during that time, and its iconic eight-story sign graces the Gowanus Canal’s skyline in Brooklyn. Kentile used asbestos in some tiles until the mid-1980s and sought Chapter 11 bankruptcy protection in 1992 while facing 20,000 asbestos claims.

The company changed its name to Metex Manufacturing Corp. in 1998, and Bloomberg has reported that Metex filed for bankruptcy protection again to cope with asbestos product-liability claims. The company faces about 6,000 active asbestos claims tied to Kentile, according to Bloomberg. The company’s Chapter 11 documents listed assets and debts of more than $100 million for each of the two industrial facilities the company manages in New Jersey. Metex president Anthony Miceli said planned insurance settlements, including a trust, “will provide the best and fairest opportunity for all asbestos personal injury claimants,” according to Bloomberg.

Asbestos exposure causes lung and pleural disorders such as mesothelioma. Many companies with significant asbestos-related liabilities have filed for bankruptcy, and trusts set up by bankruptcy courts play an important role in helping mesothelioma victims receive compensation for their injuries. You can find more information about products containing asbestos on our website, and you can fill out the form on this page or contact our firm at (800) 687-3333 to let our Dallas litigation attorneys review your case if you or a loved one has been diagnosed with mesothelioma.

Stanley Iola, LLP – Dallas litigation lawyers

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