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Georgia-Pacific Affiliate Files Bankruptcy on Asbestos Woes

Nov. 2, 2017, 6:09 PM

A sister company of Georgia-Pacific LLC filed for bankruptcy to help the paper and building materials company shed 62,000 claims for asbestos poisoning.

Bestwall LLC filed for bankruptcy in North Carolina with plans to channel all claims against Georgia-Pacific to a trust that would pay damages. This is a strategy used by dozens of companies whose asbestos products injured hundreds of thousands of people. Georgia-Pacific, which like Bestwall is owned by Koch Industries Inc., didn’t file for bankruptcy.

Georgia-Pacific’s operations shouldn’t be affected by the filing, Chief Financial Officer Tyler Woolson said in a statement. In court papers filed with ...