Building materials maker USG Corp. has announced a possible Chapter 11 bankruptcy filing because of increasing asbestos litigation costs and the slow progress of legislation that could control the costs.
Exposure to asbestos lawsuits has mounted since other companies have sought protection from creditors under Chapter 11. Its U.S. Gypsum unit has seen its personal injury costs, excluding insurance recoveries, balloon to an estimated $275 million this year from $162 million last year and $100 million in 1999.
Based on a report from OfficeSite
