Thorpe Insulation Co. Files for Chapter 11

LOS ANGELES -- Asbestos defendant Thorpe Insulation has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Central District of California. Thorpe Insulation Co., No. 2:07-bk-19271-BB (C.D. Calif. Bankr.).

Sources told HarrisMartin that the Oct. 15 filing is believed to be the first of an asbestos defendant since June 2006. The proceedings have been assigned to Judge Sheri Bluebond, who also oversaw the J.T. Thorpe asbestos bankruptcy.

In the petition, the asbestos defendant says its debts are primarily business debts and estimates that it has between 1,000 and 5,000 creditors.

The company estimates its liabilities and assets …