Imerys Talc, Cyprus Mines file Chapter 11 plans of reorganization

By Sarah Lizee

Olympia, Wash., Feb. 2 – Imerys Talc America, Inc. and debtor Cyprus Mines Corp. each filed a Chapter 11 plan of reorganization in the U.S. Bankruptcy Court for the District of Delaware.

The court scheduled a joint hearing on approval of the disclosure statement for March 14.

The plans provide a mechanism by which talc personal injury claims against the debtors will be channeled to a single trust, which could total nearly $1.14 billion.

If the bankruptcy court approves the disclosure statements, the debtors will solicit votes on the plans from holders of talc personal injury claims, which are the only parties entitled to vote on the plans.

Under the Imerys plan, holders of priority non-tax claims, secured claims, unsecured claims against the North American debtors, unsecured claims against Imerys Talc Italy SpA, debtor intercompany claims, equity interests in Imerys Talc Vermont, Inc. and equity interests in Imerys Talc Italy will be paid in full.

Holders of non-debtor intercompany claims will waive their claims as part of a settlement.

Equity interests in Imerys Talc America and Imerys Talc Canada Inc. will be reinstated and transferred to the talc personal injury trust.

Under the Cyprus plan, holders of priority non-tax claims, secured claims, unsecured claims and equity interests will be paid in full.

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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