Tainted wipe firms file for bankruptcy
Triad Group and H&P Industries filed for Chapter 11 bankruptcy to help protect their assets from creditors, a provision that would let them stay in business.
“H&P and Triad filed for Chapter 11 bankruptcy protection late yesterday,” their lawyer, Steven Silton of Hinshaw & Culbertson, LLP, said by email. "The litigation involving the alcohol prep pads has created somewhat of a feeding frenzy," Silton said later in a telephone interview. The companies' insurance has run out, he added. "Their goal is to restructure and come out of bankruptcy."
"We are going to, within 120 days, put a plan together that will show how we will pay creditors the maximum level we can," Silton said.