<form id="lwufo"><acronym id="lwufo"></acronym></form>
          Log in
          E-mail
          Password
          Remember
          Forgot password ?
          Become a member for free
          Sign up
          Sign up
          New member
          Sign up for FREE
          New customer
          Discover our services
          Settings
          Settings
          Dynamic quotes 
          OFFON

          MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Imerys    NK   FR0000120859

          IMERYS

          (NK)
            Report
          Delayed Quote. Delayed Euronext Paris - 07/24 11:35:12 am
          31.86 EUR   -1.18%
          07/20IMERYS : Volatility should make a big comeback
          06/30IMERYS : Monthly statement on outstanding equity shares and voting rights
          CO
          06/23IMERYS : - Update of the EMTN programme
          AQ
          SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
          News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

          Imerys Unit Proposes Bankruptcy Plan to Resolve Cancer Lawsuits

          share with twitter share with LinkedIn share with facebook
          05/15/2020 | 03:39pm EDT

          By Peg Brickley

          France-based Imerys SA is offering to sell a bankrupt North American unit that was historically a major supplier of talc to Johnson & Johnson in an effort to escape litigation linking its products to ovarian cancer and mesothelioma.

          Only a few product-liability lawsuits had been filed against the U.S. business in 2011 when it was acquired by Imerys, but by the time the unit filed for bankruptcy last year, Imerys Talc America Inc. was swamped by roughly 13,800 claims tied to ovarian cancer and 850 related to mesothelioma, a form of lung cancer.

          Imerys Talc America had supplied talc to Johnson & Johnson, the prime target of this litigation. Johnson & Johnson has said its products are safe and not contaminated, and has offered to defend Imerys Talc America in the lawsuits where both companies are named as defendants.

          Court documents don't put a dollar figure on Imerys's potential liabilities or on the combined value of the assets to be assigned to the bankruptcy trust for Imerys Talc America.

          If the restructuring proposal is approved by the court overseeing the unit's bankruptcy, both Imerys Talc America and the French parent company will be shielded from liability over allegedly contaminated products, with product liability claims channeled to the bankruptcy trust for resolution.

          Johnson & Johnson has won some state court trials and lost some, and generally has prevailed on appeal.

          Discussions continue between Imerys and Johnson & Johnson as each is claiming rights to be reimbursed by the other in the event one of the companies has to pay big damages, according to court papers.

          Imerys is following a U.S. bankruptcy playbook that has helped companies including Pfizer Inc. shake off legal trouble at corporate subsidiaries. In 2013, Pfizer used bankruptcy to resolve lawsuits over a small manufacturer it owned, Quigley, which made asbestos-tainted products decades ago.

          The strategy is to place the units closest to the litigation into bankruptcy protection and negotiate with creditors over an appropriate contribution from the parent to a bankruptcy trust that will pay out settlements. In exchange for the contribution, the parent company gets legal immunity.

          Imerys is contributing at least $177 million, including funds to make sure the bankruptcy trust gets what it is promised no matter the sale price for the talc mines, which are scheduled to be put up for auction in late September along with land, buildings and equipment. A good sale price would add to the size of the trust.

          The business is to be kept in operation as it is sold and regular trade debts will be paid in full as part of the chapter 11 plan, court papers said. Imerys is also funding the unit's bankruptcy expenses, with cash of up to $15 million.

          On the insurance front, Imerys said $670 million in coverage is available for ovarian-cancer claims, while there is $160 million in coverage for mesothelioma claims, according to court papers.

          People with cancer claims have to vote in favor of the chapter 11 plan terms and a bankruptcy judge has to approve them as legally sound before they can be put into effect.

          Write to Peg Brickley at peg.brickley@wsj.com

           

          Stocks mentioned in the article
          ChangeLast1st jan.
          EURO / US DOLLAR (EUR/USD) 0.01% 1.1656 Delayed Quote.3.41%
          GOLD 0.80% 1900.6 Delayed Quote.24.28%
          IMERYS -1.18% 31.86 Real-time Quote.-15.45%
          LAND CO., LTD. -10.00% 9 End-of-day quote.-25.00%
          PFIZER LIMITED 1.51% 4341.95 End-of-day quote.2.79%
          PFIZER, INC. -1.95% 37.66 Delayed Quote.-1.97%
          SILVER -0.07% 22.74358 Delayed Quote.26.64%
          THE NEW HOME COMPANY INC. -2.52% 4.25 Delayed Quote.-8.80%
          share with twitter share with LinkedIn share with facebook
          Latest news on IMERYS
          06/30IMERYS : Monthly statement on outstanding equity shares and voting rights
          CO
          06/23IMERYS : - Update of the EMTN programme
          AQ
          06/05IMERYS : Volcanic Glass Spray Shows Promise in Controlling Mosquitoes
          AQ
          06/03IMERYS : Letter_Shareholders_n84_EN
          PU
          05/18IMERYS : reaches an agreement for a proposed resolution of historic talc-related..
          AQ
          05/15Imerys Unit Proposes Bankruptcy Plan to Resolve Cancer Lawsuits
          DJ
          05/15France's Imerys in U.S. deal to resolve talc-related liabilities
          RE
          05/15IMERYS : Ex-dividend day for final dividend (optional)
          FA
          05/05IMERYS : LV= makes GBP30m available to help those struggling financially from Co..
          AQ
          04/29IMERYS : 1st quarter results
          CO
          More news
          Financials
          Sales 2020 3 689 M 4 300 M 4 300 M
          Net income 2020 114 M 133 M 133 M
          Net Debt 2020 1 520 M 1 772 M 1 772 M
          P/E ratio 2020 19,5x
          Yield 2020 5,67%
          Capitalization 2 691 M 3 130 M 3 137 M
          EV / Sales 2019
          EV / Sales 2020 1,14x
          Nbr of Employees -
          Free-Float 46,9%
          Chart IMERYS
          Duration : Period :
          Imerys Technical Analysis Chart | MarketScreener
          Full-screen chart
          Technical analysis trends IMERYS
          Short TermMid-TermLong Term
          TrendsBullishNeutralNeutral
          Income Statement Evolution
          Consensus
          Sell
          Buy
          Mean consensus OUTPERFORM
          Number of Analysts 7
          Average target price 33,61 €
          Last Close Price 31,86 €
          Spread / Highest target 25,5%
          Spread / Average Target 5,51%
          Spread / Lowest Target -15,3%
          EPS Revisions
          Managers
          NameTitle
          Alessandro Dazza Chief Executive Officer
          Patrick Kron Chairman
          Olivier Pirotte Chief Financial Officer
          Aldo Cardoso Independent Director
          Ian Gallienne Non-Independent Director
          Sector and Competitors
          1st jan.Capitalization (M$)
          IMERYS-15.45%3 130
          TIANQI LITHIUM CORPORATION-17.99%5 209
          GEM CO., LTD.3.08%3 422
          AURUBIS8.22%3 045
          JINDUICHENG MOLYBDENUM CO., LTD.-19.48%2 966
          BAOJI TITANIUM INDUSTRY CO., LTD.44.87%2 158
          官方真人棋牌游戏平台