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Bankrupt Imerys Ordered to Explain Cyprus Settlement Terms

Jan. 15, 2021, 10:33 PM

A bankruptcy judge delayed approval for sending Imerys Talc America Inc.'s Chapter 11 plan to a creditor vote, demanding more information on how a recent settlement would affect payment of asbestos injury claims.

Imerys’ proposed settlement with Cyprus Mines Corp., a former talc miner, would release Cyprus from asbestos claims in exchange for $130 million paid into a personal injury claims trust. Imerys acquired talc-related assets from Cyprus in 1992, and since then has been indemnifying Cyprus for product liability claims related to asbestos exposure.

“We need new language with what is happening with the Cyprus plan, and we need...

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