Interested parties Hartford Accident and Indemnity Company and First State Insurance Company submitted a joinder to Certain Insurers’ Objection to the Disclosure Statement and the proposed confirmation schedule filed in connection with the plan of Imerys Talc America, Inc. and its Debtor Affiliates, and state as follows:
* Hartford agrees with the points made in the Certain Insurers’ Objection. Hartford joins to emphasize that the Disclosure Statement also does not provide adequate information to creditors in Class 4 because it ignores a pending motion — Johnson & Johnson’s Motion to Lift Stay — the resolution of which will unmistakably have a significant effect on this chapter 11 case and on the treatment that Class 4 claimants receive in it.
* The Disclosure Statement provides Class 4 claimants with no analysis of the consequences that would result if claims are returned to the tort system and defended by Johnson & Johnson.
* This failure to provide creditors with information about a critical motion that may alter the scope of Debtors’ liabilities forecloses any possibility that the Disclosure Statement provides “adequate information” within the meaning of Sec. 1125 of the Bankruptcy Code.
A full-text copy of Hartford’s objection to disclosure dated June 16, 2020, is available at https://tinyurl.com/y8xzf4mt from PacerMonitor.com at no charge.
Co-Counsel for Interested Parties:
Richard M. Beck
Sally E. Veghte (DE Bar No. 4762)
KLEHR HARRISON HARVEY BRANZBURG LLP
919 Market Street, Suite 1000
Wilmington, DE 19801
Tel: (302) 426-1189
Fax: (302) 426-9193
– and –
James P. Ruggeri
Joshua D. Weinberg
Miranda H. Turner
SHIPMAN & GOODWIN, LLP
1875 K Street NW, Suite 600
Washington, DC 20006-1251
Tel: (202) 741-7750
Fax: (202) 469-7751
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 $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.