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Johnson & Johnson talc unit gets short exclusivity extension
By Sarah Lizee
Olympia, Wash., Oct. 27 – Johnson & Johnson subsidiary LTL Management LLC received another extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed with the U.S. Bankruptcy Court for the District of New Jersey.
Specifically, the court extended the plan filing period through Dec. 21 from Nov. 17 and the solicitation period through Feb. 21 from Jan. 16.
However, if the debtor files a plan of reorganization on or prior to Dec. 21, the official committee of talc claimants will have 15 days from the filing of the plan to file a motion seeking authority to permit the committee to file a competing plan.
As previously reported, the company said in its motion that since its last exclusivity extension, LTL and its professionals have engaged with key constituents in mediation on a possible consensual resolution of the Chapter 11 case.
However, LTL said no agreement has been reached yet. As such, the company proposed a process to estimate the total value of the talc claims asserted against it to move the Chapter 11 case forward and facilitate the ongoing mediation.
On July 28, the court agreed that the estimation is necessary, and indicated that it would appoint an expert to prepare and file a report regarding the estimation.
“Given the recently ordered estimation process and the magnitude and complexity of the issues presented by the Chapter 11 case, the debtor needs additional time to formulate a consensual plan of reorganization that, among other things, takes into account the estimation process,” the company said in its motion.
A hearing on possible further extensions is scheduled for Dec. 20.
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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