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IMERYS TALC: Certain Insurers Object to Plan & Disclosure

Century Indemnity Company, Federal Insurance Company, and Central National Insurance Company of Omaha (collectively, the “Chubb Insurers”), TIG Insurance Company, International Surplus Lines Insurance Company, Mt. McKinley Insurance Company, Fairmont Premier Insurance Company, Everest Reinsurance Company, and The North River Insurance Company (collectively, the “RiverStone Insurers”), and The American Insurance Company (collectively with the Chubb Insurers and the RiverStone Insurers, “Certain Insurers”) object to both the proposed disclosure statement and proposed confirmation schedule of Imerys Talc America, Inc. and Its Debtor Affiliates.

Certain Insurers assert that:

* The Debtors’ failure to provide the TDPs or discuss them in the disclosure statement means that the disclosure statement does not provide adequate information.

* Another reason the proposed disclosure statement fails to meet the “adequate information” standard is its failure to discuss the potential adverse impact on Class 4 claimants of Debtors’ refusal to accept the offer by J&J, pursuant to its indemnification obligations to Debtors, to assume responsibility for paying Class 4 claims.

* The Court should not set any confirmation schedule until after the Debtors file the TDPs.

* The Court should deny Debtors’ motion to set a confirmation schedule because the TDPs have not yet been filed. But if the Court were to set a schedule, it should include appropriate time periods for potential objectors to conduct discovery before the deadline for filing plan objections.

A full-text copy of Certain Insurers’ objection dated June 16, 2020, is available at https://tinyurl.com/y8m4sww2 from PacerMonitor.com at no charge.

Attorneys for Century Indemnity:

Marc S. Casarino
WHITE AND WILLIAMS LLP
Courthouse Square
600 N. King Street, Suite 800
Wilmington, Delaware 19801
Phone: (302) 654-0424
E-mail: casarinom@whiteandwilliams.com

Mark D. Plevin (admitted pro hac vice)
CROWELL & MORING LLP
Three Embarcadero Center, 26th Floor
San Francisco, California 94111
Phone: (415) 986-2800
E-mail: mplevin@crowell.com

Tacie H. Yoon
CROWELL & MORING LLP
1001 Pennsylvania Ave., N.W.
Washington, D.C. 20004
Phone: (202) 624-2500
E-mail: tyoon@crowell.com

Attorneys for TIG Insurance:

Marc J. Phillips
MONTGOMERY MCCRACKEN WALKER & RHOADS LLP
1105 North Market Street, Suite 1500
Wilmington, Delaware 19801
Phone: 302-504-7823
Fax: 215-731-3777
E-mail: mphillips@mmwr.com

George R. Calhoun
IFRAH PLLC
1717 Pennsylvania Avenue, N.W.
Washington, D.C. 20006
Phone: (202) 525-4147
E-mail: george@ifrahlaw.com

Attorneys for The American Insurance:

John S. Spadaro
JOHN SHEEHAN SPADARO LLC
724 Yorklyn Rd, #375
Hockessin, Delaware 19707
Telephone: (302) 235-7745
E-mail: jspadaro@johnsheehanspadaro.com

Leslie A. Davis
TROUTMAN SANDERS LLP
401 9th Street, N.W.
Washington, DC 20004
Telephone: (202) 274-2950
E-mail: Leslie.davis@troutman.com

About Imerys Talc America

Imerys Talc and its subsidiaries are in the business of mining, processing, selling, and distributing talc. Talc is a hydrated magnesium silicate that is used in the manufacturing of dozens of products in a variety of sectors, including coatings, rubber, paper, polymers, cosmetics, food, and pharmaceuticals. Its talc operations include talc mines, plants, and distribution facilities located in: Montana (Yellowstone, Sappington, and Three Forks); Vermont (Argonaut and Ludlow); Texas (Houston); and Ontario, Canada (Timmins, Penhorwood, and Foleyet). It also utilizes offices located in San Jose, California and Roswell, Georgia.

Imerys Talc America, Inc., and two subsidiaries, namely Imerys Talc Vermont, Inc., and Imerys Talc Canada Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-10289) on Feb. 13, 2019.

The Debtors were estimated to have $100 million to $500 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing.

The Hon. Laurie Selber Silverstein is the case judge.

The Debtors tapped Richards, Layton & Finger, P.A., and Latham & Watkins LLP as counsel; Alvarez & Marsal North America, LLC as financial advisor; and Prime Clerk LLC as claims agent.

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