Plibrico Co. Files for Chapter 11 Reorganization

CHICAGO - Refractory Company Plibrico Co. has become the latest asbestos defendant to file for Chapter 11 protection under Chapter 11 of the U.S. Bankruptcy Code. In Re Plibrico Co., No. 02-0009952 (N.D. Ill. Bankr.).

The company, a subsidiary of the French Industrial firm IMERYS Group, filed for reorganization on March 13 in the U.S. Bankruptcy Court for the Northern District of Illinois.

Plibrico cited as one of its reasons for filing the reorganization petition an increase in the number of asbestos claims filed against the company. According to sources, Plibrico has been named in approximately 110,000 asbestos lawsuits stemming …