Imerys Gets Nod For $223M Ch. 11 Sale; $30M Loan Delayed

Law360 (November 16, 2020, 4:20 PM EST) -- Bankrupt talc producer Imerys Talc America Inc. secured court approval in Delaware Monday for a $223 million sale of its assets, but was separately ordered to clarify a $30 million debtor-in-possession loan order and pact.

During the teleconference hearing, U.S. Bankruptcy Judge Laurie Selber Silverstein found that Imerys had provided an appropriate business justification for the sale to Canadian mining investment company Magris Resources Canada Inc., which had served as bidder-to-beat stalking horse for the Chapter 11 sale.

No other interests submitted bids for the business, which was taken into Chapter 11 in February 2019 under pressure from tens of thousands...

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