Managing claims for
Rock Wool Mfg. Company Asbestos Trust, Rutland Fire Clay Company Asbestos Trust and M.H. Detrick Company Asbestos Trust
The Rock Wool Manufacturing Company (Rock Wool) filed a voluntary petition for relief under Title 11 of Chapter 11 of the United States Bankruptcy Code on November 18, 1996. In its filing, Rock Wool sought bankruptcy protection in order to develop a plan to manage and settle its asbestos personal injury and property damage claims.
As part of the reorganization, Rock Wool proposed the establishment of the Rock Wool Manufacturing Company Asbestos Trust (the "Trust"). Pursuant to the plan, the Trust is to use its assets and/or income to pay in accordance with the Asbestos Bodily Injury Claims Resolution Procedures and the Asbestos Property Damage Claims Resolution Procedures Claims and Demands against Rock Wool, as defined in Sections 101(5) and 524(g)(5) of the Bankruptcy Code.
The United States Bankruptcy Court for the Northern District of Alabama Southern Division and the United States District Court for the Northern District of Alabama Southern Division have determined that the Trust and the Plan satisfy all prerequisites for a supplemental injunction pursuant to Section 524(g) of the Bankruptcy Code, which Permanent Channeling Injunction has been entered in connection with the Order Confirming the Plan.
On December 20, 1999 the Rock Wool Manufacturing Company Asbestos Trust was established with a Managing Trustee and a three(3) person Advisory Committee ("The Advisory Committee"), or "TAC".
The purpose of the Trust is to assume all asbestos-related claims against Rock Wool Manufacturing Company pursuant to Section 524(g) of the US Bankruptcy Code. The Trust will use its assets to pay Allowed Asbestos Claims as provided in the Plan and the Trust Agreement. All Allowed Claims for Asbestos Bodily Injury will be treated in a substantially equivalent manner as all other such Claims. The purpose of the Trust shall be fulfilled through the provisions of the Trust Agreement and the Asbestos Claims Resolution Procedures.
Claims will be paid on a first received priority basis (randomized in 7 day intervals) and shall be subject to availability of funds.