J&J exploring putting talc liabilities into bankruptcy, sources say

StreetInsider2021-07-19

(Reuters) - Johnson & Johnson is exploring a plan to offload liabilities from widespread Baby Powder litigation into a newly created business that would then seek bankruptcy protection, according to ...

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精彩评论

Alvinting198
2021-07-19
Alvinting198
富贵险中求
丰人
2021-07-19
丰人
Like.
mQ
2021-07-19
mQ
Oh
- mQ:
  No
Troytan
2021-07-19
Troytan
Wow, it would set a precedent to declare bankrupt on a business from pending litigation.
Jasng250
2021-07-19
Jasng250
Sharing
Lanying
2021-07-19
Lanying
O
- Lanying:
  O

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Plaintiffs’ lawyers would initially be unable to stop J&J from taking such a step, though could pursue legal avenues to challenge it later.\nJ&J has not yet decided whether to pursue the bankruptcy plan and could ultimately abandon the idea, some of the people said. Reuters could not determine whether J&J has retained restructuring lawyers to help the company explore the bankruptcy plan.\nJ&J faces legal actions from tens of thousands of plaintiffs alleging its Baby Powder and other talc products contained asbestos and caused cancer. The plaintiffs include women suffering from ovarian cancer and others battling mesothelioma.\n“Johnson & Johnson Consumer Inc. has not decided on any particular course of action in this litigation other than to continue to defend the safety of talc and litigate these cases in the tort system, as the pending trials demonstrate,” the J&J subsidiary housing the company’s talc products said in a statement provided to Reuters. J&J declined further comment.\nShould J&J proceed, plaintiffs who have not settled could find themselves in protracted bankruptcy proceedings with a likely much smaller company. Future payouts to plaintiffs would be dependent on how J&J decides to fund the entity housing its talc liabilities.\nJ&J is now considering using Texas's “divisive merger” law, which allows a company to split into at least two entities. 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The company outside bankruptcy can reach a funding agreement with the entity navigating a court restructuring to cover future settlement payments.\nIn 2017, Brawny paper towels manufacturer Georgia-Pacific used the Texas law to move asbestos liabilities to an entity that later filed for bankruptcy in North Carolina.\nBankruptcy cases filed to resolve litigation, including those related to asbestos, often take years, and almost never fully repay creditors. 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