Imerys: Chapter 11 proceedings delayed in US
(CercleFinance.com) - Imerys announced on Thursday that the Chapter 11 bankruptcy proceedings concerning its US talc subsidiary are likely to be delayed until 2022.
This week the court overseeing the process ruled that certain votes in favour of the restructuring plan should not be counted in the final vote.
As a result, the plan now falls just short of the required 75% approval threshold.
For the record, last year Imerys reached an agreement to settle litigation relating to its historical talc business with current and potential future plaintiffs in the United States.
In today's statement, the group explains that it continues to consider that the provision balance in its financial statements at the end of 2020 is appropriate to cover the expected financial impact of the proceedings.
On the Paris stock exchange, the minerals valuation specialist's share was down over 1.6% in early trading this morning, in a market that was up 0.4%.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
This week the court overseeing the process ruled that certain votes in favour of the restructuring plan should not be counted in the final vote.
As a result, the plan now falls just short of the required 75% approval threshold.
For the record, last year Imerys reached an agreement to settle litigation relating to its historical talc business with current and potential future plaintiffs in the United States.
In today's statement, the group explains that it continues to consider that the provision balance in its financial statements at the end of 2020 is appropriate to cover the expected financial impact of the proceedings.
On the Paris stock exchange, the minerals valuation specialist's share was down over 1.6% in early trading this morning, in a market that was up 0.4%.
Copyright (c) 2021 CercleFinance.com. All rights reserved.