J&J Talc Source Lifts Del. Ch. 11 Stay For Past Owner
Law360, Wilmington (March 25, 2019, 5:02 PM EDT) -- Bankrupt former Johnson & Johnson talc supplier Imerys Talc America Inc. agreed Monday in Delaware bankruptcy court to give its former owners temporary access to its liability insurance, pending the outcome of an Imerys suit to shield its policies from third-party claims.
Under the agreement, former talc suppliers Cyprus Mines Corp. and Cyprus Amax Minerals Co. can seek coverage from insurers until U.S. Bankruptcy Judge Laurie Selber Silverstein rules on the adversary proceeding, with a trial scheduled for June 4 and 5.
Imerys has argued that it alone owns the policies. The Cyprus companies, which owned the entities that became Imerys...
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