Rapid-American Corp. Files for Chapter 11 Bankruptcy Under Weight of Asbestos Claims

NEW YORK –– Rapid-American Corp. has filed for Chapter 11 bankruptcy, citing more than $100 million in estimated liabilities, specifically for pending asbestos claims.

The petition was filed March 8 in the U.S. Bankruptcy Court for the Southern District of New York.

According to a declaration of the company’s vice president, the company was never engaged in an asbestos business, but entered the litigation with the purchase of the Philip Carey Manufacturing Company, who did sell asbestos-containing building products.

“Recently, Rapid has experienced an increase in the number of mesothelioma claims being filed against it and an increase …