On May 7, 2025, Asbestos Corporation Limited (ACL) (TSXV: AB.H) obtained an Initial Order from the Superior Court of Québec (Commercial Division) under the Companies' Creditors Arrangement Act (CCAA), granting creditor protection as the company restructures its operations. The application was initiated by five co-applicants: Certain Underwriters at Lloyd’s, London; TenecoM Limited; The Ocean Marine Insurance Company Limited; NRG Victory Reinsurance Limited; and The Scottish Lion Insurance Company Limited, with ACL joining as debtor and co-applicant. The court also authorized Raymond Chabot Inc. as Monitor to oversee the restructuring process and represent ACL in related Chapter 15 recognition proceedings in the United States.

The order imposes a stay on creditor actions and litigation against ACL. The company also notified the TSX Venture Exchange and expects its securities to cease trading, with plans to stop reporting as a public issuer.

Legal advisors include Fasken Martineau DuMoulin LLP (counsel to ACL); McCarthy Tétrault LLP and Orrick, Herrington & Sutcliffe LLP (Canadian and U.S. counsel to the Monitor); Stikeman Elliott LLP and Simpson Thacher & Bartlett LLP (Canadian and U.S. counsel to the co-applicants); and Blake, Cassels & Graydon LLP as counsel to General Dynamics Corporation, a stakeholder in the proceedings.