A North Carolina resin manufacturer and its affiliates that have been named in numerous asbestos lawsuits have filed for chapter 11 protection in order to address its current and future asbestos liability, the Washington Examiner reported yesterday. Reichhold Holdings US, Inc. voluntarily filed its petition for relief on Sept. 30 and is joined by affiliates Reichhold, Inc., Canadyne Corp. and Canadyne-Georgia Corp. The company announced that it has arranged $130 million in financing from its bondholders to fund continuing operations, of which $100 million will be available to Reichhold, Inc., in the form of debtor-in-possession financing if the court approves.
