Specialty Products Holding Corp. and Bondex International Inc. may emerge from bankruptcy reorganization by year-end if the court approves a chapter 11 plan at a confirmation hearing set for Dec. 10, Bloomberg News reported yesterday. The two companies are units of Rust-Oleum maker RPM International Inc. U.S. Bankruptcy Judge Peter J. Walsh signed an order on Oct. 20 approving the disclosure statement explaining the plan and allowing asbestos personal-injury claimants to vote. Supported by RPM, the asbestos personal-injury committee and the future claimants’ representative, the plan will implement a settlement providing almost $800 million to cover asbestos claims. The settlement was negotiated following a May 2013 ruling by a bankruptcy judge estimating the companies’ asbestos liabilities to be at $1.17 billion.
