Owens-Illinois is a glass company that has already paid mesothelioma victims and others affected by their asbestos-contaminated products approximately $5 billion in compensation. Last month the company received approval from a Delaware bankruptcy court to move forward with a Chapter 11 bankruptcy plan that sets aside $610 million for thousands of asbestos claimants that remain. The outcome was lauded by all parties for being accomplished through negotiation rather than protracted litigation.
Owens-Illinois’ Asbestos Pipe Covering Blamed for Victims’ Mesothelioma
The Owens-Illinois company is now known as O-I Glass Inc., but during a 10-year period from the late 1940s to the late 1950s the company manufactured Kaylo-branded asbestos pipe-covering products that resulted in almost one million mesothelioma and asbestos diagnoses and claims. Over the past forty years the company says it has paid victims a total of $5 billion.
With hundreds of thousands of mesothelioma claims already resolved but at least 900 still outstanding, the company sought Chapter 11 bankruptcy protection. But while other asbestos bankruptcy plans have faced roadblocks and objections, this case was notably different in the way that it was resolved: all parties collaborated, participating in extensive negotiations to arrive at a plan that all agreed to.
Bankruptcy Plan Supported by 99.997% of Mesothelioma and Asbestos Claimants
The specifics of the asbestos bankruptcy plan were the end result of a consensual plan that specifically sought approval from those most affected by the outcome: mesothelioma an asbestos-related disease claimants. According to an attorney for Owens-Illinois, 69,000 asbestos claimants voted on the finalized plan and supported it at a rate of 99.997%.
The plan provides compensation that will fall between $400 and $380,000 for asbestos claimants depending upon the specifics of their case. The asbestos company’s attorney explained that this outcome represented the collaborative process, saying, “The debtor, the asbestos claimants committee and the FCR ultimately agreed to negotiate a settlement based on tort system values using an extrapolation of the company’s 40-year asbestos settlement history.”
If you or someone you love has been affected by the actions of an asbestos company, the Patient Advocates at Mesothelioma.net can help you get the resources and information you need. Contact us today at 1-800-692-8608.
