Metex Manufacturing Corp. has been forced to file for Chapter 11 bankruptcy protection a second time since 1992, because of the product liability claims they are facing. Metex was formerly known as Kentile Floors Inc. Kentile filed for Chapter 11 bankruptcy protection back in 1992 while they were facing 20,000 asbestos claims. Kentile changed their name to Metex in 1998.
Metex is currently facing 6,000 asbestos claims that are tied to Kentile’s past. In Metex’s Chapter 11 bankruptcy petition, they listed over $100 million in assets and debt. Chapter 11 bankruptcy protection offers companies a chance to get out of debt without liquidating their assets. If the company does is unable to reorganize their debt, they can liquidate their assets to pay off their debt.
The overall bankruptcy process is complex and requires the assistance of an experienced Chapter 11 bankruptcy attorney. Bankruptcy lawyer Kelly Black offers a free consultation, where he’ll go over your case with you. You can schedule the free consultation by called (480) 422-3440.