J&J talc unit wins four-month extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., May 10 – Johnson & Johnson subsidiary LTL Management LLC secured a four-month extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the District of New Jersey.

Specifically, the court extended the plan filing period through Sept. 9 and the solicitation period through Nov. 8.

“Given the magnitude, complexity and number of issues presented by this case and the fact that mediation has just recently begun, more time is needed for the debtor to formulate, negotiate and finalize a consensual plan of reorganization that resolves this case,” the company had said in its motion.

The company said it worked with talc claimants to reach agreement on co-mediators and participated in the negotiation of an agreed mediation protocol, which was approved by the court on March 18.

It has also engaged in discussions with an informal committee representing more than 40 state attorneys’ general to stay litigation initiated by those states and facilitate settlement discussions to resolve the states’ talc-related claims.

Johnson & Johnson is a consumer products company based in New Brunswick, N.J. The LTL Management subsidiary filed Chapter 11 bankruptcy on Oct. 14, 2021 under case number 21-30589.

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