Cosmed Group Inc., which provides pasteurization and sterilization services for agriculture and medical-device firms, said it filed bankruptcy to withstand hundreds of personal-injury lawsuits alleging gas emissions at its facilities caused cancer.
Company lawyer David Eastlake said during a Friday bankruptcy hearing in Texas that the costs of defending against a growing number of cases has become unsustainable. The company and a subsidiary sought court protection late Thursday, listing assets of at least $10 million and liabilities of between $100 million and $500 million on its Chapter 11 petition.