A-Best Products Files Chapter 11 Bankruptcy Petition

WILMINGTON, Del. - Citing an unmanageable debt resulting from the payment of thousands of asbestos claims, A-Best Products Company Inc. has filed a petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in Delaware. In Re A-Best Products Company, Inc., No. 02-12743 (D. Del., Bankr.).

The company filed its petition Sept. 20 in the U.S. Bankruptcy Court for District of Delaware, the second company to do so that month. Defendant ACandS filed its long-awaited Chapter 11 petition just four days earlier in Delaware.

In its Chapter 11 petition, A-Best listed assets of between $10 million and $50 million …