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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 1000’s of lawsuits alleging ovarian most cancers danger linked to its talc-based child powder and different merchandise, Reuters reported.
Citing a press release attributed to JNJ’s in-house litigation chief, Erik Haas, the information company reported that the corporate is negotiating with plaintiffs’ legal professionals, who’ve resisted the supply to get rid of opponents to the deal.
Previously, Bloomberg reported that the proposed settlement had received the support of 75% of claimants, the edge required for J&J (JNJ) to proceed with the supply, which comes with a plan to hunt Chapter 11 bankruptcy for a specifically created JNJ subsidiary.
While noting that the supply has majority support, JNJ stated it had paused the vote rely to assemble 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 think about supporting the plan.”
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Source: Seekingalpha