CINCINNATI — Eagle-Picher Industries Inc., which faces multimillion-dollar asbestos injury claims, sought protection from its creditors today in federal bankruptcy court.
The company said the Chapter 11 filing ended attempts to settle 65,000 asbestos claims at once in federal court in Brooklyn, N.Y.
"That's down the drain," Eagle-Picher spokesman J. Rodman Nall said. "We're finished with that."
Asbestos claimants probably will be treated like other creditors in the reorganization, which could last two to six years, Nall said.
The company said the bankruptcy filing became necessary when a contract to sell one of the company's divisions to finance asbestos settlements fell through.