The Wisconsin-based Triad Group and sister company, H&P Industries, have filed for bankruptcy as a way to restructure after facing dozens of lawsuits surrounding defective medical products made by the company.
In addition to the bankruptcy case, Triad Group must follow a plan set forth by the Food and Drug Administration to update its safety standards in order to resume operations. Officials have said that the company has "high hurdles" to pass in this regard.
In January 2011, Triad Group and H&P Industries announced a recall of alcohol wipes and swabs after it was found that they were contaminated with a bacteria called Bacillus cereus. This contamination is linked to the deaths of 11 people, including a two-year-old Houston boy.
As a result of the defective products, the company is involved in 22 lawsuits across 19 states. Although 13 of these lawsuits have been settled, 30 other claims have been filed but have yet to be made into lawsuits. Some fear that because of the bankruptcy filings, plaintiffs involved in the lawsuits and claims will not receive what they are asking for.
The company listed $33 million in liabilities and $8.6 million in assets.
If you have been struggling with debt and would like to learn more about your legal options, contact the Milwaukee bankruptcy lawyers of the DeLadurantey Law Office, LLC, by calling 414-377-0518.