U.S. Mineral Products Co. (Isolatek) Files Chapter 11 Petition

WILMINGTON, Del. - Asbestos product maker United States Mineral Products Company filed a Chapter 11 petition July 23 in the U.S. Bankruptcy Court in Delaware, citing an unmanageable number of asbestos claims pending against the company.

The Stanhope, N.J.-based firm, which also does business under the name Isolatek, is the second company in less than a month to cite the mounting cost of asbestos claims as its reason for seeking Chapter 11 protection.

"The Bankruptcy Code represents the only remaining legal process available to resolve [our] asbestos liability claims," the company said in a statement issued after the petition was …