DBMP LLC, an affiliate of building-materials maker CertainTeed LLC, filed for bankruptcy on Thursday in North Carolina, citing tens of thousands of unresolved asbestos-related claims tied to products manufactured prior to 1993, Bloomberg News reported. CertainTeed Corp., a manufacturer of cement pipes, asphalt roofing products and siding shingles, underwent a restructuring in October to establish two entities, DBMP and CertainTeed LLC. DBMP was created solely to handle asbestos claims that were burdening the company while CertainTeed LLC continues to operate and isn’t involved in DBMP’s chapter 11 proceedings. “This chapter 11 case was caused by the unceasing and unwarranted filing of thousands upon thousands of asbestos-related claims against the Debtor and Old CT,” Chief Restructuring Officer Robert Panaro said in court papers. “The burden of managing, defending and resolving these claims is substantial, and this litigation and its associated burdens are expected to continue for decades more.” DBMP listed both debt and assets of as much as $1 billion in its bankruptcy petition, and said it has more than 60,000 asbestos-related claims outstanding. CertainTeed ceased production of all asbestos-containing products in 1993, but continues to accumulate hundreds of claims annually.
