Imerys Talc America Inc.
This company might not ring a bell but it does supply talc powder for a big company that you might recognize – Johnson & Johnson’s. It is possible that Imerys’ talc powder may not appear in Johnson & Johnson’s powder products anymore. According to Bloomberg, the Paris unit of Imerys Talc America Inc. as well as two of its subsidiaries (Canada and Vermont units) filed for Chapter 11 bankruptcy in February 2019.
Imerys
Imerys stated that the over 14,000 claims that it faces in the United States are the cause of its bankruptcy. Majority of the said claims came from women who believe that the talc powder that Imerys supplies is the cause of their ovarian cancer. Bloomberg also reports that other claims cite mesothelioma caused by asbestos in Imerys talc powder.
Pacific Gas and Electric (PG&E)
On January 29, 2019, this investor-owned electric and gas company filed for Chapter 11 bankruptcy as a result of the wildfires in California in 2017 and 2018. It is interesting to note that the company wants to approve around $235 million worth of bonuses for its employees. Will it affect the company’s bankruptcy issue somehow?
PG&E
Senator Jerry Hill, the California state senator, said, “$235 million would go a long way to support the victims of last year’s wildfires.” The bankruptcy filing had put the claims from creditors and wildfire victims in limbo. We don’t really know much about utility companies but isn’t victim claims more important than employee bonuses?
