Judge strikes down J&J talc unit's second bankruptcy attempt over lack of 'financial distress'
14 Aug 2023
Patent InfringementAcquisition
A New Jersey judge squashed a second bankruptcy attempt by Johnson & Johnson’s talc business Friday but did not preclude the company from making additional filings over the next six months.
Faced with mounting lawsuits alleging its talc products caused cancer, J&J controversially spun its talc liabilities into a separate company called LTL Management, which filed for bankruptcy in 2021. The move, known colloquially as a “Texas two-step” bankruptcy, was shot down earlier this year, prompting LTL to file for bankruptcy a second time in April.
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Source: EndPoints
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