St.Louis-based manufacturing company Christy Refractories has recently field for bankruptcy as a direct result of its inability to cope with increasing numbers of asbestos-related personal injury claims. The company filed for protection of Chapter 11 bankruptcy Dec/08 concerning liability relating not to the company itself, but to a subsidiary acquired in 1995. The subsidiary once manufactured asbestos-containing products. Christy was apparently aware in 1995 that the subsidiary had made asbestos products & might, in the future, become subject to liability claims. In fact, the firm was aware there were lawsuits pending then. The petition stated that over the last decade, as more people have been diagnosed with asbestos related diseases & more lawsuits filed, its liability has increased to the point where it requires the protection that bankruptcy provides.
