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Georgia-Pacific Puts Up $1 Billion to Fund Asbestos Trust

Aug. 13, 2020, 10:39 PM

Georgia-Pacific LLC has vowed to advance $1 billion to fund an asbestos liability trust for Bestwall LLC, a bankrupt affiliate mired in a dispute with exposure victims over how to resolve their claims.

Bestwall urged the U.S. Bankruptcy Court for the Western District of North Carolina on Wednesday to approve the “qualified settlement fund,” saying it is intended to resolve concerns over the drywall product maker’s commitment to establish an adequate asbestos settlement trust.

The funds would be overseen by an independent trustee and could only be returned to Georgia-Pacific through a court ruling, the company said.

“Establishing and funding ...