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J&J Hires Counsel for Potential Talc-Related Filing; Feds Oppose Purdue Bankruptcy Plan; Katerra Taps Loan
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Good day. Johnson & Johnson engaged legal counsel to advise on a bankruptcy strategy for resolving thousands of talc injury claims. The Justice Department came out against Purdue Pharma's proposal to grant liability releases to the Sackler family. And bankrupt construction startup Katerra reached a compromise with creditors that lets it tap a loan from its biggest backer.
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By placing a subsidiary in bankruptcy, Johnson & Johnson would have several tools to resolve current liabilities and future claims over talc-based products.
PHOTO: SOUMYABRATA ROY/ZUMA PRESS
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Johnson & Johnson Taps Jones Day to Explore Talc Bankruptcy
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Johnson & Johnson has engaged law firm Jones Day to advise the company as it explores placing a subsidiary in bankruptcy to help settle thousands of personal injury claims linking talcum-based baby powder to cancer, people familiar with the matter said.
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DOJ, States Oppose Purdue’s Bankruptcy Deal With Sacklers
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The Biden administration and nine attorneys general are opposing OxyContin maker Purdue Pharma LP’s plan for exiting bankruptcy, saying that shielding the company’s owners from lawsuits blaming them for the opioid crisis would deprive victims of their day in court.
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Bankrupt Startup Katerra Approved to Tap SoftBank Loan
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Oil-Price Swoon Spurs Traders to Bet on Further Declines
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The coronavirus pandemic triggered widespread business closures last spring, including this restaurant in the North End of Boston.
PHOTO: DAVID L. RYAN/THE BOSTON GLOBE/GETTY IMAGES
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U.S. Coronavirus Recession Lasted Two Months, Ended in April 2020
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The U.S. officially climbed out of a recession in April 2020, concluding a pandemic-driven economic contraction that lasted two months, making it the shortest on record.
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Seadrill Ltd., the bankrupt offshore oil driller controlled by Norwegian-born tycoon John Fredriksen, is attracting interest from Noble Corp. and a consortium that includes Transocean Ltd and Dolphin Drilling. (Reuters)
More than two-thirds of federal student loan borrowers say they’re not ready to resume their monthly payments. That’s the finding from a survey conducted for The Pew Charitable Trusts, which comes as the U.S. Department of Education’s payment pause and interest waiver for borrowers is set to expire at the end of September. (CNBC)
The biggest owners of $285 million of municipal bonds sold for Syracuse, New York’s troubled Destiny USA mall are replacing the trustee for the securities with one specializing in distressed-debt restructuring. (Bloomberg)
JMB Capital Partners Lending LLC won a bankruptcy auction with a bid of $115 million for the bulk of barge operator Bouchard Transportation Co.'s assets, beating an opening bid from Hartree Partners LP, an attorney for JMB said. (Bloomberg)
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