Asbestos Defendant Files Chapter 7 Petition in Ohio

YOUNGSTOWN, Ohio - Bucking the trend of recent Chapter 11 reorganization filings, asbestos defendant Insul Company, Inc. has filed a Chapter 7 petition in U.S. Bankruptcy Court in Ohio. In Re: Insul Company, Inc., 02-43909 (N.D. Ohio).

The Sept. 4 filing in the Northern District follows the company's decision to cease operations in June. As a result of filing a Chapter 7 petition, Insul Company, Inc. has liquidated all of its assets, a source close to the bankruptcy said.

Insul Company, formerly based in East Palestine, Ohio, was named in approximately 25,000 claims alleging personal injury as a result of …