U.S. Mineral Files Chapter 11

United States Mineral Products Corporation Files Chapter 11 Petition, Cites Asbestos Litigation

WILMINGTON, Del./July 23 ‹ Asbestos product manufacturer United States Mineral Products Corporation has filed a Chapter 11 petition in the U.S. Bankruptcy Court in Delaware, citing an unmanageable number of asbestos claims pending against the company, HarrisMartin Publishing is reporting.

The Stanhope, N.J.-based firm filed what is the latest in a string of asbestos-related Chapter 11 petitions early Monday morning.

A company spokeswoman said that over the past several years, more than 200,000 asbestos-related personal injury complaints have been filed against the company. Many of those cases were settled before trial, the spokeswoman said.

"We were a small manufacturer that was drawn into a significant amount of litigation," she said. "It simply became unmanageable."

Unites States Mineral Products Corp. is the latest company with ties to the asbestos industry to file for Chapter 11 since USG Corp filed for protection on June 25.

More on United States Mineral Products Corp.¹s Chapter 11 filing will be available at www.harrismartin.com throughout the day and will appear in the August issue of HarrisMartin¹s COLUMNS-Asbestos, a monthly magazine that covers the asbestos litigation.

For more information about the publication or to receive a copy of the Chapter 11 petition, call (800) 496-4319.

*** POSTED JULY 23, 2001 ***