Celotex Asbestos Trust: Claims and Payment

The Celotex Corporation made roofing and building products, and its subsidiary Carey Canada Inc. mined, milled and processed asbestos fiber. The Celotex Asbestos Settlement Trust pays the asbestos personal injury claims that arose from the bankruptcy of the two companies. Both companies filed for reorganization under Chapter 11 on October 12, 1990, in the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division. The trust was founded on February 1, 1998, as a result of the bankruptcy. Claims are paid under the trust's Asbestos Personal Injury Claims Resolution Procedures, which the bankruptcy court approved. The current version is the Fifth Amended and Restated edition, effective July 23, 2013. The procedures list seven scheduled diseases, from Bilateral Pleural Disease to Malignant Mesothelioma. Under individualized review, the trust pays the liquidated value times the then-current payment percentage. The trust's home page states the current payment percentage for individualized review claims is 7% of gross settlement value, effective June 23, 2023.