Bestwall Takes Action to Address Asbestos Claims
On November 2, 2017, Bestwall LLC, an affiliate of Georgia-Pacific LLC, filed a voluntary petition for Chapter 11 relief in the U.S. Bankruptcy Court for the Western District of North Carolina in Charlotte in an effort to equitably and permanently resolve all of its current and future asbestos claims. Bestwall intends to seek court authority to establish a trust under Section 524(g) of the U.S. Bankruptcy Code that would help ensure that all individuals with current and future asbestos claims are treated fairly.
Bestwall's filing has no impact on Georgia-Pacific's business operations, nor does it affect Georgia-Pacific's 35,000 employees and 25,000 vendors who serve more than 15,000 customers globally. Georgia-Pacific is financially strong, with a Standard & Poor's A+ rating, and stands as one of the world's leading makers of tissue, pulp, paper, packaging and building products.
Bestwall Statement on January 24 Court Ruling:
We are pleased with today's rulings by the court. As the case proceeds, we intend to continue working constructively with the ACC and FCR on an agreement that will enable us to permanently and fully resolve Bestwall's asbestos claims in a manner that fairly treats all individuals with current and future claims.
Court filings and other information related to the court-supervised proceedings are available on a separate website administered by Bestwall's claims agent, Donlin, Recano & Company, Inc., at www.donlinrecano.com/bestwall