Mealey's Bankruptcy - United Gilsonite Proposes Consensual Plan To Reorganize, Pay Asbestos Claims

Mealey's Bankruptcy - United Gilsonite Proposes Consensual Plan To Reorganize, Pay Asbestos Claims

WILKES-BARRE, Pa. - United Gilsonite Laboratories (UGL) on Aug. 14 filed a Chapter 11 plan of reorganization in federal bankruptcy court that includes establishment of a trust to benefit asbestos personal injury claimants that will be funded in part by $19 million in cash from the debtor and its shareholders, plus proceeds from insurance policies, according to the plan and its disclosure statement (In re: United Gilsonite Laboratories, 11-2032, M.D. Pa. Bkcy.).

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