JOHNSON AND JOHNSON SUBSIDIARY FILES FOR CHAPTER 11 AGAIN

LTL Management LLC, a subsidiary of Johnson and Johnson, filed a Chapter 11 in the United States Bankruptcy Court for the District of New Jersey in Trenton New Jersey on April 4, 2023. According to the court docket LTL Mangement LTC had previously filed a Chapter 11 bankruptcy in Trenton NJ on October 14, 2021. The bankruptcy was filed as a response to litigation over allegations that cosmetic talc causes ovarian cancer as well as mesothelioma, according to the Johnson and Johnson website. It is further indicated on the website that Johnson and Johnson disputes the claim but has agree to increase funds available to plaintiff’s to funds qith a present value of 8.9 billion dollars payable over 25 years to avoid continuing litigation costs typically involved in mass tort litigation. While most companies do not need to file a second Chapter 11 bankruptcy to reorganize, it is available as an option. https://www.bravermanlaw.com/business-bankruptcy/