Law360 (September 9, 2021, 12:45 PM EDT) -- Former retail and consumer holding company Rapid-American Corp. 's 8-year Chapter 11 case came to a close Thursday with a New York bankruptcy judge approving its plan to use $12. 3 million in insurance settlements to pay asbestos injury claims. At a brief virtual hearing, U. S. Bankruptcy Judge David Jones approved Rapid-American's Chapter 11 plan, which will use what the company said were its last significant assets to establish an asbestos injury trust fund before dissolving after 64 years of corporate existence. "This is effectively the last chapter of the debtor's long and interesting history," Rapid-American counsel Andrew Muha said. Rapid — which. . .
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Read Full Story: https://www.law360.com/articles/1420161/rapid-american-wraps-8-year-ch-11-with-asbestos-trust
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