C.E. Thurston & Sons Files Asbestos-Related Bankruptcy Petition

ROANOKE, Va. - Asbestos product distributor C.E. Thurston & Sons, Inc., has filed a Chapter 11 petition in Virginia, claiming that bankruptcy reorganization is the only feasible means by which the company can continue operating while handling its asbestos liabilities. In Re: C.E. Thurston & Sons, Inc., No. 03-75932 (E.D. Va., Bankr.).

In a voluntary Chapter 11 petition filed Aug. 18, the Norfolk, Va.,-based contractor says it continues to be battered by a seemingly endless stream of asbestos-related personal injury and property damage claims that began in 1976. Meanwhile, C.E. Thurston contends, it has finite fiscal resources remaining to pay …