How Saint-Gobain used the Texas two-step
After decades of mounting asbestos litigation, Saint-Gobain’s CertainTeed had accumulated approximately $2 billion in litigation costs. The company used the Texas two-step bankruptcy maneuver to stop more than 60,000 legal actions in months.
Aug 13, 2019 Lawyers at Saint- Gobain discuss the bankruptcy plan.
1
Oct 23, 2019 Saint-Gobain’s CertainTeed splits in two, creating a new CertainTeed & DBMP. DBMP is saddled with the lawsuits.
2
Jan 23, 2020 DBMP files for bankruptcy.
Jan 29, 2020 Lawsuits put on hold.
CertainTeed continues to operate.
Sources: Court filings
How Saint-Gobain used the Texas two-step
After decades of mounting asbestos litigation, Saint-Gobain’s CertainTeed had accumulated approximately $2 billion in litigation costs. The company used the Texas two-step bankruptcy maneuver to stop more than 60,000 legal actions in months.
CertainTeed
continues
to operate
1
2
Aug 13, 2019
Oct 23, 2019
Jan 23, 2020
Jan 29, 2020
Saint-Gobain’s CertainTeed splits in two, creating a new CertainTeed & DBMP. DBMP is saddled with the lawsuits.
DBMP files for
bankruptcy.
Lawsuits put
on hold.
Lawyers at Saint- Gobain discuss the bankruptcy plan.
Sources: Court filings
How Saint-Gobain used the Texas two-step
After decades of mounting asbestos litigation, Saint-Gobain’s CertainTeed had accumulated approximately $2 billion in litigation costs. The company used the Texas two-step bankruptcy maneuver to stop more than 60,000 legal actions in months.
CertainTeed
continues
to operate
1
2
Aug 13, 2019
Oct 23, 2019
Jan 23, 2020
Jan 29, 2020
Saint-Gobain’s CertainTeed splits in two, creating a new CertainTeed & DBMP. DBMP is saddled with the lawsuits
DBMP files for
bankruptcy
Lawsuits put
on hold
Lawyers at Saint- Gobain discuss the bankruptcy plan
Sources: Court filings
How Saint-Gobain used the Texas two-step
After decades of mounting asbestos litigation, Saint-Gobain’s CertainTeed had accumulated approximately $2 billion in litigation costs. The company used the Texas two-step bankruptcy maneuver to stop more than 60,000 legal actions in months.
CertainTeed continues to operate
1
2
Aug 13, 2019
Oct 23, 2019
Jan 23, 2020
Jan 29, 2020
Saint-Gobain’s CertainTeed splits in two, creating a new CertainTeed & DBMP. DBMP is saddled with the lawsuits
DBMP files for
bankruptcy
Lawsuits put
on hold
Lawyers at Saint- Gobain discuss the bankruptcy plan
Sources: Court filings