USG Files for Bankruptcy
July 8, 2001
Building materials manufacturer USG Corp., Chicago, filed for Chapter 11 bankruptcy protection to contain spiraling costs from asbestos lawsuits. There have been 22,000 new claims filed against the company since the beginning of this year. These costs are expected to top $275 million in 2001. USG, the eighth company in the last 18 months to file bankruptcy to resolve asbestos claims, said its major domestic subsidiaries, including U.S. Gypsum Co., USG Interiors Inc. and L&W Supply Corp., also filed Chapter 11 petitions.