Georgia-Pacific Paid Parent Koch $2.5 Billion Dividend in 2022 (1)

Georgia-Pacific LLC, a paper product maker that has placed a subsidiary into bankruptcy to limit asbestos liabilities, paid out roughly $2.48 billion in dividends in 2022 to its own parent, Koch Industries Inc., according to court filings.

The dividends were paid as a bankrupt Georgia-Pacific unit, Bestwall LLC, continues its longstanding battle with creditors over how much to pay for its liabilities from more than 64,000 asbestos exposure claims.

Bestwall has been working to subpoena data several settlement trusts to test its theory that victims are trying to collect more than they’re owed after more than five years of bankruptcy. ...