Hercules Chemical Company Successfully Emerges from Bankruptcy
The employee-owners of Hercules Chemical Company are pleased to announce that they have officially emerged from bankruptcy. After battling asbestos lawsuits for over 20 years for a single product manufactured prior to 1983, the Company had no choice but to file for protection under Chapter 11 on August 22, 2008. The Company’s reorganization plan was approved by the United States Bankruptcy Court for the District of New Jersey on December 22, 2009. The United States District Court for the District of New Jersey gave its seal of approval on January 6, 2010. The effective date of the plan is February 9, 2010.
Pursuant to the confirmation order and plan, all present and future asbestos-related liabilities and obligations against the Company will be channeled to an independent Asbestos Trust.