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Johnson & Johnson (NYSE:JNJ) has prolonged a timeline to get extra votes for its beforehand introduced ~$6.5B bankruptcy deal to settle hundreds of lawsuits alleging ovarian most cancers threat linked to its talc-based child powder and different merchandise, Reuters reported.
Citing an announcement attributed to JNJ’s in-house litigation chief, Erik Haas, the information company reported that the corporate is negotiating with plaintiffs’ attorneys, who’ve resisted the provide to eradicate opponents to the deal.
Previously, Bloomberg reported that the proposed settlement had received the support of 75% of claimants, the brink required for J&J (JNJ) to proceed with the provide, which comes with a plan to hunt Chapter 11 bankruptcy for a specifically created JNJ subsidiary.
While noting that the provide has majority support, JNJ stated it had paused the vote rely to collect additional votes from claimants who had, till just lately, opposed the transfer.
“We have agreed to a brief extension of the certification timeline,” Haas stated. “This will enable these plaintiffs’ attorneys time to talk to their claimants to now take into account supporting the plan.”
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Source: Seekingalpha