For financially distressed companies with limited resources, an insurance-focused bankruptcy is often the most effective means by which product liability claimants of such companies can be compensated for their injuries.
Gilbert’s current representation of a debtor in a Chapter 11 bankruptcy case pending in Washington state is the latest example of Gilbert’s ground-breaking work in this field. The debtor is a modest-sized boiler repair and maintenance company facing millions of dollars in pending and future claims alleging injury due to exposure to asbestos on ships serviced by the debtor. Gilbert LLP already has recovered millions of dollars in insurance proceeds to pay such claims, including substantial amounts from insurers who have denied any responsibility for payments.
To ensure that all of the debtor’s asbestos claimants are treated fairly and commensurate with the extent of their injuries, Gilbert has worked with asbestos claimants and the funding insurers throughout 2018 to create a bankruptcy plan and claims evaluation process to pay only meritorious claims.
A hearing to confirm the proposed bankruptcy plan is scheduled for January 2019.