The company that was spun off from DuPont is a “bankruptcy waiting to happen” because of liabilities related to lawsuits and cleanups related to the toxic chemical C8, according to a new report from a firm that tracks financially troubled companies, the Charleston (W.Va.) Gazette-Mail reported on Saturday. Citron Research said in its report released late last week that the spin-off company — Chemours — is “the most morally and financially bankrupt company that we have ever witnessed.” Chemours was formed last July, creating what company officials said was a new firm with thousands of employees around the world and businesses that generated sales of about $6 billion in 2014. Chemours was to operate 37 production facilities in a dozen countries. Activist groups and lawyers for local residents in Wood County have remained greatly skeptical about the spinoff. They are worried that Chemours does not have the resources to cover a variety of liabilities it is inheriting from DuPont, especially those related to the toxic chemical C8, which DuPont made and used for years at its Washington Works facility.
