Asbestos Defendant The Budd Co. Files Chapter 11 Bankruptcy Petition
CHICAGO –– The Budd Co., an auto parts manufacturer that has been named in numerous asbestos personal injury lawsuits, has filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code.
In the March 31 bankruptcy petition filed in the U.S. Bankruptcy Court for the Northern District of Illinois, The Budd Co., formerly known as the ThyssenKrupp Budd Co., estimates that it has between 5,001 and 10,000 creditors and has estimated liabilities worth more than $1 billion.
On April 4, counsel for the defendant filed a notice of the petition in New York City’s coordinated asbestos docket, noting that under the Bankruptcy Code, “no cause of action arising prior to or relating to the period prior to the Petition Date, may be continued against the Debtor outside of the Bankruptcy Court with the Bankruptcy Court first issuing an order lifting or modifying the automatic stay.”
The Budd Co. is represented in the bankruptcy action by Allison R. Bach, Daniel Deitrich Quick and Theodore Bruno Sylwestrzak of Dickinson Wright PLLC in Detroit; Brian Bastian, Brandon Levitan, Jeff J. Marwil and Jeremy T. Stillings of Proskauer Rose LLP in Chicago.
The Budd Co. is represented by Edward P. Abbot of Hawkins Parnell & Young in the New York litigation.
In re: The Budd Company Inc., No. 14-11873 (U.S. Bankr. Ct., N.D. Ill.).
Documents are Available Call (800) 496-4319 or Search www.harrismartin.com Bankruptcy Petition Ref# ASB-1405-03 NYCAL Notice Ref# ASB-1405-04
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