Asbestos Claims Prompts A.P.I. Industries to File For Chapter 11

MINNEAPOLIS -- Insulation contractor A.P.I Industries has filed for Chapter 11 bankruptcy protection, claiming that it has $63 million in liabilities. In re: A.P.I Inc., No. 05-30073 (Minn. Bankr. Ct.).

A.P.I Industries also filed a prepackaged bankruptcy plan Jan. 6 in the U.S. Bankruptcy Court for Minnesota. Published reports indicate that the subsidiary of A.P.I. Group has more than 700 asbestos claims asserted against the company.

In addition to the $63 million in liabilities, A.P.I claims to have more than $34 million in total assets.

In the prepackaged plan, A.P.I. says that all asbestos claims against the company shall be …