Talc Supplier Whittaker Clark & Daniels Files for Chapter 11 Bankruptcy

Defunct talc supplier Whittaker, Clark & Daniels has filed for Chapter 11 bankruptcy, citing on Thursday a “deluge” of lawsuits alleging that its talc products caused asbestos exposure and cancer.

Whittaker operated one of the largest talc and industrial compound supply and distribution businesses in the U.S. in the 1970s and 1980s, but it ceased operations in 2004, according to court documents filed on Thursday in New Jersey bankruptcy court. Its corporate existence since then has largely been devoted to resolving a growing wave of legal claims related to its decades-long production of talc and industrial chemicals.

Whittaker has limited remaining assets, and the litigation is draining its funds faster than its investment income can keep up, according to the company.

Read the source article at finance.yahoo.com