Mesothelioma Support in Texas

Exposed to asbestos in Texas?
We have options for mesothelioma victims and residents of Texas.

First Name
Email Address
Telephone Number
State
Message

Asbestos Lawsuits Took Them to Bankruptcy

You have probably heard about the financial problems that the Texas Rangers are going through and recently, they were declared bankrupt by the state financial institution and by the court. The judge has noted that the club can not get out of this situation due to the 525 million dollars it owes to third parties and he basically explained is opinion in a 28 page file. The club has actually filed for reorganization on the 24th of May, but that is not possible anymore due to the fact that the club does not have revenues that can cover those debts.

The Club wanted, initially, to pay everyone back and not permit them to vote (the companies and third parties that the club owes money to), filing Chapter 11 bankruptcy. The idea is that the court believes that the Texas Rangers owe more money than they can actually. The Texas Rangers can pay 75 Million with interest, and they believe that is all the lenders should be entitled to. In any case, the lawsuit is still going on and we will make sure to keep you updated as soon as any changes in the situation are reported.

Besides the Texas Rangers, there are other companies that are facing bankruptcy, like EnPro Industries Inc., whose subsidiary, Garlock Sealing Technologies LLC, filed under Chapter 11 on June 5.

But their bankruptcy is indeed connected to asbestos. Garlock was spending $100 million a year for asbestos lawsuits, its sales being of $113 million. A bankruptcy judge in North Carolina has temporarily stopped asbestos lawsuits against Garlock and other affiliates, Garlock alone had to deal with other 100,000 asbestos claims and litigations.