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ARTICLE · 13 FEBRUARY 2012

TC Financial Restructuring Group News - Fall 2011

Thompson Coburn LLP
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The Christy Refractories, Company, Inc. is a nearly 100 year old, family-owned manufacturer and distributor of refractory and insulation products, heating panels and similar products.

United StatesInsolvency/Bankruptcy/Re-Structuring
Katie Kraft
Katie Kraft
Mark Bossi
Mark Bossi
Daniel Engle
Daniel Engle
Cheryl Kelly
Cheryl Kelly
Lauren Newman
Lauren Newman
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TC Client Sheds Mass Asbestos Claims through Strategic Chapter 11

By Kathleen Kraft

The Christy Refractories, Company, Inc. is a nearly 100 year old, family-owned manufacturer and distributor of refractory and insulation products, heating panels and similar products. Because of the decades-old activities of a company it purchased in 1995, Christy found itself the target of over 1,000 asbestos-related lawsuits through Missouri, Illinois and Texas. Taking advantage of special asbestos-related rules in the Bankruptcy Code, Christy filed for Chapter 11 and began negotiating with the asbestos claimants and its insurance carriers. Earlier this year, the Bankruptcy Court confirmed Christy's reorganization plan where all of the asbestos-related liabilities will be channeled into a litigation trust funded by contributions from Christy and certain of its insurers, all of whom received releases from any further asbestos-related liabilities. The end result is that Christy

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