ACandS Seeks Chapter 11 Bankruptcy Protection

WILMINGTON, Del. - Asbestos defendant ACandS Inc. has filed its long-anticipated Chapter 11 petition Sept. 16 in U.S. Bankruptcy Court for the District of Delaware. In Re: ACandS, Inc., No. 02-12687 (D. Del., Bankr.).

The company filed its petition after months of speculation that the company would soon seek voluntary Chapter 11 protection. In its petition, it listed more than $100 million in debts and more than $100 million in assets.

ACandS said it has settled or resolved nearly 250,000 claims over the last 20 years and that as of April 2002, it no longer had ample insurance coverage to …