Specialty Products asks court to adjourn disclosure statement hearing

By Caroline Salls

Pittsburgh, Oct. 2 - Specialty Products Holding Corp. asked the U.S. Bankruptcy Court for the District of Delaware to adjourn the Oct. 8 hearing on approval of a disclosure statement submitted by its official committee of asbestos personal injury claimants and a future claimants' representative to Nov. 5, according to a Tuesday court filing.

Although the committee and representative continued a Sept. 10 hearing on the disclosure statement to allow more time to address Specialty Products and RPM International Inc.'s objections, the company said they did not provide the objecting parties with revised drafts of the plan of reorganization and disclosure statement until close of business on Sept. 26.

According to the motion, a revised draft of the plan vote solicitation procedures and any draft of trust distribution procedures have yet to be provided.

Specialty Products said the committee and representative do not plan to file any amended document until Oct. 3, just five days before the disclosure statement hearing.

"Absent disclosure of the procedures for liquidating the asbestos claims, the values to be ascribed to different types of asbestos-related claims and claimants' anticipated recoveries under the plan, claimants and other parties in interest cannot possibly make an informed decision regarding the plan," the motion said.

"There is simply no valid reason why the extensively revised plan and disclosure statement (and likely extensively revised solicitation procedures) must be taken up on a highly expedited basis."

Specialty Products is a subsidiary of RPM International Inc., a Medina, Ohio-based producer of specialty chemicals. The subsidiary filed for bankruptcy on May 31, 2010 under Chapter 11 case number 10-11780.

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