Dow Corning Files Chapter 11 // Breast Implant Litigation Too Costly, Company Says
From: Chicago Sun-Times | Date: May 16, 1995 | Copyright information
MIDLAND, Mich. Dow Corning Corp. filed Monday for bankruptcy protection, acknowledging that it can't afford the spiraling cost of litigation over its silicone breast implants.
The Chapter 11 filing in U.S. Bankruptcy Court in Bay City, Mich., freezes about 19,000 implant lawsuits against Dow Corning, including 200 set for trial in the next six months.
By seeking court protection, the joint venture of Dow Chemical Co. and Corning Inc. gains time as it tries to negotiate with plaintiffs and insurance companies to pay off implant claims that will cost billions of dollars to resolve.
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