Imerys Talc America plan accepted by talc personal injury claims class

By Sarah Lizee

Olympia, Wash., April 7 – Imerys Talc America, Inc.’s Chapter 11 plan was accepted by 62,549 holders, or 79.73% in number, of $62,549, or 79.73% in amount, of talc personal injury claimholders, according to a ballot summary filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Meanwhile, 15,900 holders, or 20.27% in number, of $15,900, or 20.27% in amount, voted to reject the plan.

Theirs was the only class entitled to vote on the plan.

The plan confirmation hearing is scheduled for June 21, as previously reported.

The debtors entered Chapter 11 in order to manage the significant potential liabilities arising from claims by plaintiffs alleging personal injuries caused by exposure to talc mined, processed and/or distributed by one or more of the debtors.

The company said the plan is intended to maximize the value of the debtors’ assets for the benefit of all stakeholders, and will include a trust mechanism to address talc personal injury claims in a fair and equitable manner.

Under the plan, priority non-tax claims, secured claims and all unsecured claims against the debtors will be paid in full.

Non-debtor intercompany claims will be canceled.

Debtor intercompany claims will be reinstated, remain in place, or settled in cash.

Equity interests in the North American debtors will be canceled, and equity interests in Imerys Talc Italy SpA will be reinstated.

Imerys SA is a Paris-based producer of industrial materials. Its subsidiaries filed bankruptcy on Feb. 13, 2019 under Chapter 11 case number 19-10289.

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