Asbestos Defendant The Budd Co. Files Chapter 11 Bankruptcy Petition

CHICAGO –– The Budd Co., an auto parts manufacturer that has been named in numerous asbestos personal injury lawsuits, has filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code.

In the March 31 bankruptcy petition filed in the U.S. Bankruptcy Court for the Northern District of Illinois, The Budd Co., formerly known as the ThyssenKrupp Budd Co., estimates that it has between 5,001 and 10,000 creditors and has estimated liabilities worth more than $1 billion.

On April 4, counsel for the defendant filed a notice of the petition in New York City’s coordinated asbestos docket, …