Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Tuesday, April 14. In today's briefing, Georgia-Pacific is said to be abandoning its long-running Bestwall restructuring and plans a new chapter 11 bankruptcy filing through another entity to handle its asbestos-related lawsuits.

Georgia-Pacific appears to be moving toward a new bankruptcy filing to resolve tens of thousands of asbestos-related lawsuits, abandoning a yearslong restructuring of its Bestwall unit that has become one of the longest tests of a controversial legal maneuver.

The pulp-and-paper manufacturer approached law firms representing various claimants, saying the company had “given up” on the current Bestwall bankruptcy proceeding in North Carolina, according to a Friday court filing by Marcus Raichle, a lawyer representing some asbestos claimants. The company now plans to utilize one of its existing affiliates or a newly created entity to file for a new Chapter 11 bankruptcy to resolve the claims.

Investigations and advisory firm Nardello & Co. has tapped Mark Kronfeld to lead its bankruptcy, restructuring and special situations practice.

Kronfeld most recently worked as a managing director at advisory firm Province, and served as the litigation trustee in for-profit health system Steward Health Care’s chapter 11 case. Kronfeld previously was the global head of restructuring at BlackRock, where he oversaw workouts and restructurings for the asset manager’s special situations funds.

Kronfeld will retain his trustee role at Steward and at the bankrupt utility company Heritage Power. He will focus on bankruptcy and restructuring investigations, trustee and independent fiduciary assignments and distressed situations.

Nardello is currently working on behalf of unsecured creditors in First Brands’ bankruptcy to trace assets as the examiner. The firm also conducted an investigation at FTX that contributed to the recovery of $9 billion in assets. 

–Alicia McElhaney

Shares of Replimune Group continued its downward spiral on Monday after the biotechnology company cautioned that it was facing mass layoffs and cutbacks in its manufacturing operations after regulators twice rejected an application for an experimental cancer therapy.

The selloff began after the Food and Drug Administration declined to approve Replimune’s immunotherapy candidate, RP1, in combination with Bristol Myers Squibb’s Opdivo for the treatment of advanced melanoma.

Alternative credit firm Sycamore Tree Capital Partners is launching a dedicated private-credit secondary strategy to capitalize on what it bets will be a wave of opportunities in coming years.

New opportunities for secondary transactions have entered the market in recent months following asset sales by business development companies or private credit interval funds to pay for investor redemption requests.

Johnson & Johnson has reinvented itself several times in recent years. In 2021, it was best known as the developer of a Covid vaccine. In 2023, it spun off its consumer health division to focus on pharmaceuticals and medical devices.

J&J may signal yet another iteration when first-quarter earnings are posted before the market opens Tuesday. The company has indicated its oncology d ivision is a focal point, and the segment accounted for the lion’s share of total sales in 2025.

Analysts may believe J&J is positioned for growth, but there are some drags on the stock. Johnson & Johnson faces tens of thousands of lawsuits predicated on claims the company knowingly sold talcum baby powder contaminated with cancer-causing asbestos.

Share your tips, suggestions and feedback with the WSJ Pro Bankruptcy team: Alexander Gladstone; Jodi Xu Klein; Akiko Matsuda; Alicia McElhaney; Andrew Scurria; Becky Yerak. 

Follow us on X: @gladstonea; @jodixu; @AskAkiko; @AliciaMcElhaney; @AndrewScurria; @beckyyerak.