J&J Sets Up 3rd Talc Bankruptcy Bid by Moving Unit to Texas (1)

Johnson & Johnson is seeking to move a unit to Texas as it prepares for a potential third bankruptcy court filing to resolve more than 50,000 lawsuits alleging tainted talc in its baby powder caused cancer.

The company filed a request last month with the Texas secretary of state’s office to relocate its LTL Management unit to Austin and rename it ahead of a Chapter 11 filing in the state, according to the Dec. 19 filing and people familiar with the plan.

J&J has put the LTL subsidiary into Chapter 11 twice before in hopes of imposing a $9 billion ...