Porter-Hayden Co. Files Chapter 11 Petition in Baltimore

icBendicALTIMORE - Asbestos defendant Porter-Hayden Co. is the latest asbestos defendant to file for reorganization under Chapter 11 of the U.S. Bankruptcy Code, citing its inability to catch up to the increasing demands of the litigation. In Re: Porter-Hayden Company, No. 02-54152 (D. Md., Bankr.).

The company filed its Chapter 11 petition March 15 in the U.S. Bankruptcy Court for the District of Maryland, where the company is incorporated.

"The Chapter 11 proceeding was filed to maximize the value of Porter Hayden's assets and to manage the growing demands on its cash flow resulting from the asbestos claims, and from …