Giant company files for bankruptcy after 134 years: liquidation request due to massive debts

Uniroyal Holding, the successor to the legendary American tire manufacturer Uniroyal, has filed a petition in court with the aim of settling liabilities and terminating its operations immediately.

The company, which traces its roots to a brand established 134 years ago, sought to use the legal process to address claims related to asbestos exposure, settle retirement benefits for former employees, and distribute assets to creditors.

According to court documents, the company reported assets in the range of 10 to 50 million dollars, alongside liabilities of 50 to 100 million dollars. Uniroyal is facing thousands of claims, with more than 516,000 personal injury and wrongful death lawsuits filed against it since its inception.

Of the total claims, the company has settled approximately 217,000 cases and paid nearly 500 million dollars, while about 264,000 other claims were dismissed. More than 35,000 cases remain open.

The company's president and general counsel, Robert D'Angelo, informed the court that for four decades the company had managed to deal with the claims, but the volume of legal proceedings had become unmanageable.

Uniroyal was founded in 1892 under the name United States Rubber Company and was one of the 12 original companies included in the Dow Jones index. Over the years, it became a giant company operating in the fields of tires, rubber, chemicals, and industrial products.

In 1985, the company underwent a reorganization following a hostile takeover attempt, and Uniroyal Holding was established, with its primary role being the management of obligations to former employees and the handling of legal claims. Today, only about 140 retirees remain in the company's pension plan, with an average age of 92.