Raytech Asbestos Trust: Claims and Payment

On March 10, 1989 Raytech Corporation filed for Chapter 11, the date its distribution procedures call the Petition Date. The case was heard in the U.S. Bankruptcy Court for the District of Connecticut under case number 89-00293, with Raymark Industries, Inc. and Raymark Corporation jointly administered under it. The Raytech Corporation Asbestos Personal Injury Settlement Trust was established by the Raytech Second Amended Plan of Reorganization, the Raymark Amended Plan of Reorganization and the Second Amended and Restated Trust Agreement. It satisfies personal injury and death claims caused by asbestos-containing products for which Raymark Industries and its predecessors and affiliates are legally liable and that could be asserted against Raytech. The Third Amended and Restated Trust Distribution Procedures were adopted by resolution of the trustees on November 19, 2009 and amended in 2011, 2012 and 2023. They split claims into two levels. Level One covers mesothelioma, lung cancer, other cancer and severely disabling asbestosis, which are paid first-in, first-out. Level Two covers other asbestosis and pleural disease, and is paid only when the trustees determine there are sufficient assets. The procedures provide for a pro-rata percentage applied to claims.