Imerys Talc gets approval to purchase properties for $6.23 million

By Sarah Lizee

Olympia, Wash., Aug. 24 – Imerys Talc America, Inc. secured court approval to purchase two properties in Vermont for around $6.23 million, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

One property is in Lyndonville, Vt., and another is in Johnson, Vt., as previously reported.

The company said it considered options to maximize the value generated from the proceeds of the sale of substantially all of its assets, including purchasing operating businesses in various industries.

“The debtors have determined that utilizing a portion of the sale proceeds to purchase one or more operating businesses is the best path forward because they are likely to generate a reliable stream of revenue in excess of what the sale proceeds are currently generating,” the company said in its motion.

The company said its focus has turned to real property opportunities including a triple-net lease component, or something similar.

“Real property assets with a triple-net lease component are low-risk opportunities that generate an established revenue stream,” the company said.

“In addition, due to the real property component, triple-net lease assets are more likely to retain or increase in value over time than other alternatives for acquisitions of operating businesses.”

The official committee of tort claimants said it supports the purchases.

Imerys SA is a Paris-based producer of industrial materials. Its subsidiaries filed bankruptcy on Feb. 13, 2019 under Chapter 11 case number 19-10289.

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