Imerys Talc America, Inc., along with two affiliates and subsidiaries, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-10289). The petition estimates the combined assets of the U.S. Debtors to be between $100–$500 million and their combined liabilities to be between $50–$100 million. According to a press release issued this morning, the Debtors have filed for chapter 11 in order to allow the Debtors “time and protection to negotiate a global agreement with creditors, primarily representatives of current and future claimants in cosmetic talc-related litigation.” The press release further explains that the Debtors intend to continue operating in the ordinary course of business during their chapter 11 cases and expect to emerge from chapter 11 in the first half of 2020. First day motions have not yet been filed. Prime Clerk is the proposed claims and noticing agent. The cases have been assigned to the Honorable Laurie Selber Silverstein.
Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.