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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 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’ legal professionals, who’ve resisted the provide to get rid of opponents to the deal.
Previously, Bloomberg reported that the proposed settlement had gained 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 mentioned it had paused the vote rely to collect additional votes from claimants who had, till not too long ago, opposed the transfer.
“We have agreed to a brief extension of the certification timeline,” Haas mentioned. “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