Bankruptcy Filing by Kaiser Gypsum Company, Inc. and Kaiser Cement Corporation May Affect the Rights of Asbestos Personal Injury Claimants

CHARLOTTE, N.C., Dec. 13, 2019 /PRNewswire/ -- Kaiser Gypsum Company, Inc. and Kaiser Cement Corporation (now known as Hanson Permanente Cement, Inc.) (together, the "Debtors") made certain products that contained asbestos.  These products included various exterior stucco materials, joint compounds for wallboard and radiant heating components, texturizing paint and other related products (the "Products").  A full list of the Products can be found at https://cases.primeclerk.com/kaisergypsum.  People using these Products (and family members and others who came into contact with these people) may have been exposed to asbestos.  The Debtors are now in bankruptcy and people with claims of injury caused by exposure to asbestos in the Products have certain rights that may be affected by the bankruptcy filing.

The Debtors have filed a Joint Plan of Reorganization (the "Plan") and a Disclosure Statement, a document that provides important information about the Plan.  The Disclosure Statement has been approved and will be sent to individuals with asbestos-related personal injury claims so that they can vote whether to accept or reject the Plan.  A hearing to consider confirmation of the Plan (the "Confirmation Hearing") has been scheduled for March 30, 2020 to April 4, 2020 in the U.S. Bankruptcy Court for the Western District of North Carolina, 401 W. Trade St., Charlotte, NC 28202.  Information on the Confirmation Hearing and all Plan-related documents is available at https://cases.primeclerk.com/kaisergypsum. 

Am I Affected by the Plan?

If you claim to have been injured by asbestos in any of the Products, you are entitled to vote to approve or reject the Plan.  The full Disclosure Statement and a ballot were sent to all lawyers representing individuals with current asbestos-related personal injury claims against the Debtors or directly to those individuals.  A vote to accept or reject the Plan must be received by 5:00 p.m., prevailing Eastern Time, on February 20, 2020.  If you believe you have an asbestos-related personal injury claim against the Debtors and have questions, then you should contact your lawyer immediately.

What does the Plan do?

The Plan is the result of a settlement between the Debtors and court-appointed representatives of current and future asbestos claimants.  The Plan preserves the Debtors' asbestos insurance coverage and permits asbestos personal injury claimants to pursue insurance recoveries in the tort system.  The Plan also proposes to create a trust to pay asbestos-related personal injury claims to the extent the claims are not covered by insurance.  If the Plan is approved, money can only be received from insurance and the trust; asbestos personal injury claimants will not be able to recover money from the Debtors or other protected parties listed in the Plan.  If you have a pending lawsuit against the Debtors, you should talk to your lawyer about how the Plan may affect you. 

How to Obtain Documents.

Copies of the Disclosure Statement, which includes the Plan, the voting materials and the notice of the Confirmation Hearing may be obtained by visiting this website:  https://cases.primeclerk.com/kaisergypsum.  You may also obtain copies of these documents by sending a request, in writing, to Prime Clerk, LLC, Kaiser Gypsum Company, Inc. Ballot Processing, c/o Prime Clerk, One Grand Central Place, 60 East 42nd Street, Suite 1440, New York, New York 10165 or by calling (855) 855-7644.

What if I want to Object to the Plan?

If you have a lawyer, you should talk to him or her about any concerns you may have about the Plan.  You may object to the Plan if you do not like all or part of it.  The deadline for filing and serving objections to the confirmation of the Plan is 5:00 p.m., prevailing Eastern Time, on February 20, 2020.  All objections must comply with the requirements set forth in paragraph 12 of the notice of the Confirmation Hearing, which is posted at https://cases.primeclerk.com/kaisergypsum.

For more information, visit https://cases.primeclerk.com/kaisergypsum or call toll-free (855) 855-7644.

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SOURCE U.S. Bankruptcy Court for the Western District of North Carolina