Muralo Company Files Chapter 11 Petition, Citing Synkoloid Asbestos Claims

TRENTON, N.J. -- The Muralo Company, saddled with asbestos liability since the Chapter 11 filing of the Artra Group a year ago, has filed a reorganization petition of its own, claiming the use of bankruptcy proceedings is the only way it can resolve claims resulting from its acquisition of former Atra subsidiary Synkoloid. In re: The Muralo Company, No. n/a (D. N.J., Bankr.).

In motions filed May 20 in the U.S. Bankruptcy Court for the District of New Jersey, Muralo contends that Artra's bankruptcy filing in June 2002 has effectively voided a defense and indemnity agreement between the two companies …