New Delaware Chapter 11 Filing – Imerys Talc America, Inc. et al.
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.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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