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After twice being thwarted in its attempt to resolve its talc liabilities through bankruptcy, Johnson & Johnson is at it again. On Wednesday, the company announced a third attempt, potentially reviving the notorious Texas Two-Step. And this time it plans to file not in North Carolina or in New Jersey, but in…Texas.

Though the larger structure is similar to previous attempts — with claims being hived off into a trust funded indirectly by J&J through a newly incorporated entity which files for bankruptcy — much has changed since Judge Kaplan of the US Bankruptcy Court for the District of New Jersey dismissed the last case.

For one, LTL Management — the debtor in the earlier attempts and incorporated in North Carolina — is now called LLTManagement and is now a Texas entity, and Red River Talc, a to-be-incorporated entity, is going to be the debtor. J&J, though, is counting on more than just these cosmetic changes to have the new plan approved.

In the announcement, J&J noted that this this bankruptcy will seek to resolve solely claims arising from ovarian cancer and other gynecological cancers, and the filing has been negotiated with counsel representing a majority of these claims. Other claims — relating to other cancers (95% resolved to date) and those asserted by government entities (settlements agreed in principle) as well as Canadian claimants — are excluded.

Crucially, this filing will be a pre-pack — relevant claimants are to vote for the plan by 26 July, and the bankruptcy filing will occur (in August) only if at least 75% support the plan. Management sounds confident about reaching this threshold.

A reason management noted for the failure of the previous attempt was that though the company had garnered the support of counsel representing around 70% of the claims post-filing, a “small vocal contingent of plaintiff lawyers” with “conflicting financial incentives…who stand to receive excessive legal fees outside of a reorganization” prevented a vote from happening.

In the company’s view, accepting this plan is also in the best interest of the claimants. The company believes that the recovery this plan provides — an estimated $75,000 to $150,000 per claim from a $6.5bn pool — far exceeds any amounts claimants can expect through protracted litigation (believed by the company to largely be zero). It continues to insist on the safety of its talc products and intends to aggressively litigate against claimants that don’t settle and, emboldened by a court decision in March, contest expert testimony which it has termed “false and defamatory”.

As expected, the proposed plan also provides broad releases to J&J and its affiliates, and suppliers and retailers it has done business with for its talc products. On being asked whether the third-party releases will hold water, management drew a distinction between releases sought under this plan and those sought in the Purdue Pharmacase being litigated before the US Supreme Court.

The third-party releases here are under §524(g) of the US Bankruptcy Code — which allows for third-party releases — and §105(a), while Purdue Pharma relied on just §105(a), which is a catch-all and doesn’t explicitly allow third-party releases.

Will the third time be the charm? 9fin’s summary of the proposed plan of reorganization and disclosure statement is available here.  

If you have any recent moves to announce, please send to one of our team’s emails below to include in our People Moves section.

Ann Huynh has joined Getzler Henrich & Associates as a managing director and co-head of the firm’s Houston office. She comes from Grant Thornton where she was a managing director in the restructuring and turnaround team. Paul Hastings hired Bill Schwab as a partner in its private equity practice and chair of the Boston office from Sidley Austin. Michael Hirschfield has joined Mariner Investment Group as portfolio manager, having left Verition Fund Management in December.

Office Properties Income Trust — OPI announced a series of discounted exchanges for its 2025 through 2031 unsecured bonds at between 52 and 94 cents on the dollar depending on the maturity. The exchange has a creative structure with a rolling waterfall that offers different prices to swap existing unsecured holdings into as much as $610m new secured notes. It prioritizes the 2025s first, then the 2031s second, relegating the 2027 and 2026 maturities to third and fourth priority, respectively. Two separate groups representing the 2025s and 2026s have formed.

United Site Services — The portable toilet rental company is set to tap the recent $115m commitment from sponsor Platinum Equity as it battles weaker earnings amid an inflationary and higher rate environment.

Cox Media Group — Certain holders of Cox Media Group’s term loan and bonds are organizing with Milbank, driven by concerns around the Apollo-backed TV broadcasting and radio company issuing dividends when the business is struggling and facing a high debt burden.

Ardagh Group — Holders of unsecured bonds and ARD Finance PIK notes have migrated to work with Akin Gump and held pitches for a financial advisor after one of the largest such holders Franklin Resources leaned in that direction.

Steward Healthcare — Chairman and CEO Ralph De La Torre is set to have assets seized and be arraigned in connection with a broad money laundering investigation by the Maltese government, according to an order signed by a Maltese judge obtained by 9fin. 

Altice USA — As part of the heavily indebted Drahi empire that has come into focus after the hardball tactics taken with Altice France creditors, the USA business of Altice has now reportedly started working with a financial advisor while bondholders are organizing.

SIRVA — The moving services company was downgraded by S&P from B- to CCC. The S&P note states that on 25 April, SIRVA’s first and second-lien credit agreements were “modified to pledge more equity from subsidiaries as collateral to lenders, to 100% from 65%, which we view as lenders' concerns over the company's performance and ability to manage its obligations in a difficult operating environment.” This comes after it raised a new money priming loan (per S&P a $84m delayed-draw term loan) in order to bridge the company to a broader debt restructuring.

Altice France — 9fin reported this week that French telco’s board has hired White & Case as its legal counsel as its creditors prepare themselves for the company’s plan on discounted transactions to reduce its leverage. The company is potentially dealing with two co-op groups now, after the crossholders were set to sign their own in addition to the senior creditor group.

Sunnova Energy — The commercial solar company’s bonds rebounded slightly on Thursday after executives at the residential did not confirm a rumored advisor hire during a first quarter earnings call.

Medical Properties Trust — New Haven is suing Prospect Medical to get out of the purchase of its Connecticut hospitals, citing a “lack of financial support [that] has run the Prospect Hospitals into the ground” and that Prospect “cannot satisfy the closing conditions under the [Asset Purchase Agreement].” MPT is set to report Q1 24 earnings on 9 May.

Incora — The judge overseeing the Incora adversary trial wants to hear arguments on the authenticity of 2026 notes issued as part of the March 2022 liability management exercise disputed in the case.

Robertshaw — The judge overseeing the Robertshaw bankruptcy and the legal fight over the company’s 2023 liability management exercise denied motions brought by parties on both sides of the dispute in a hearing this week.

Enviva — Enviva received final approval of its DIP financing this week following an hours-long bench trial over the syndication procedures contained in the financing.

EyeCare Partners — The vision care network completed its liability management deal involving $275m of new money and a discounted debt exchange that offered better terms to lenders who participated early and were involved in confidential talks with the company.

Fisker — The troubled EV company’s forbearance agreement with Heights Capital is again past its deadline. Recent reports have indicated that the company faces multiple lawsuits related to unpaid wages and payments to suppliers.

Bausch Health — Bausch Health’s Q1 numbers and transcript are up on 9fin, as the company reported that it has kept chipping away at 2025-2027 maturities through open market repurchases, which will continue, while the B+L spinoff is a key priority in 2024. The suit BHC filed against Amneal triggered a 30-month stay of potential FDA approval for Amneal.

Emergent BioSolutions — The provider of medical countermeasure solutions announced a series of amendments to its secured credit facility, along with a new operational restructuring plan geared towards $80m in annual cost savings, and greatly increased 2024 guidance that saw its shares more than double and its 3.875% SUNs due 2028 rise over eight points to trade around 59.

Lionsgate — The film and TV media company announced a late night exchange on Thursday that would see a majority of its 5.5% SUNs due 2029 exchange into new notes at par that would be attributed to its yet-to-be separated Studios business, following investor concerns over the viability of the Starz business post-separation.

Gol Airlines — Gol’s Abra bondholder group recently disclosed updated members and holders including distressed investors. The bankrupt airline has said it will evaluate all recapitalization or other transactions, including to raise capital while in bankruptcy. In recent days the UCC has objected to the debtors attempts to allow aircraft lessors to sell a participation interest in their unsecured claims, while retaining their voting rights on any potential Chapter 11 plan.

DISH Network — Holders of notes issued by DISH DBS Corporation sued the company on 26 April, claiming that that “a brazen series of related transactions” undertaken in January involving “billions of dollars of assets” breached their indentures and constitute actual and/or constructive fraudulent transfers. The complaint can be seen here.

Cumulus Media — The radio broadcaster reported Q1 24 results, an amendment of its ABL facility increasing capacity to $125m and extending its maturity to 2029 and the completion of the exchange of its first lien term loans and senior notes. The exchange terms had been agreed after months of negotiations with an ad hoc group of lenders holding 97% of its term loan and 80% of its notes. Lenders exchanged at 94 cents (up from 80 cents) into a SOFR+500bps term loan and 8% (down from 8.75%) notes with maturities extended by three years. The ad hoc group received a 1% PIK fee for its efforts.

rue21 — The Blue Torch-controlled fashion retailer filed a Chapter 33 before Judge Brendan Shannon of the US Bankruptcy Court for the District of Delaware. The company aims to close all stores, conduct wind-down sales, and marketing its IP and intangibles for a sale. The docket is available here.

Other active distressed and restructuring coverage

Anthology — The Veritas-backed ed-tech company, advised by Kirkland & Ellis, launched a liability management deal negotiated with an ad hoc group of first lien lenders. The deal also extends the company’s revolver to early-2028.

Carestream Dental — The CD&R and CareCapital Advisors-backed company has been working with to address its revolver and term loan maturities this year.

Del Monte Foods — The packaged food manufacturer and distributor is looking to raise a $300m first-in, last-out loan to bolster liquidity in light of high costs and declining sales.

Alkegen — Formerly known as Unifrax, the specialty materials maker is getting financing proposals from third party investors to help pad its liquidity and address its upcoming debt wall.

Hertz — The rental car company’s capital structure took a hit after Q1 24 results outlined an acceleration of vehicle depreciation tied partially to the company’s investment in electric vehicles, with higher-than-expected cash burn and concerns over its ABS structure and future liquidity.

Express — The retailer filed for Chapter 11 protection with the intention of pursuing a going concern sale by 10 June.

Astound Broadband — A group of lenders started confidential talks with the Stonepeak-backed internet and cable provider. While the company has far-dated debt maturities, it is grappling with a cash flow squeeze.

Belk — Lenders to the department store chain have been speaking with the company about a restructuring that could exchange much of its debt into equity.

Cano Health — The de-SPACed healthcare services provider is in bankruptcy with a restructuring support agreement from holders of around 86% of its secured debt and 92% of the senior notes.

Charge Enterprises — The electric vehicle charging company remains in Chapter 11 before the US Bankruptcy Court for the District of Delaware.

CommScope — A group of largely unsecured lenders to the struggling telecommunications infrastructure company pitched new money second lien financing to repay near-term maturities.

ConvergeOne — The technology services provider filed a prepack in SDTX with an RSA signed by 81% of its first lien and second lien lenders that would see the equitization or cancellation of $1.6bn in funded debt, with first lien lenders set to receive most of the reorg equity.

CURO Group — In a pre-pack led by Oaktree, Caspian Capital, and Empyrean, the consumer finance company filed for Chapter 11 in SDTX with a plan that calls for the equitization of most of its secured debt and an effective date within 120 days post-petition.

DISH/EchoStar — 9fin reported the telecom company is sounding out interest from third-party investors on financing proposals, after nixing two proposed exchange offers.

Hearthside Food Solutions — The Charlesbank-backed food manufacturer is looking to raise funding ahead of its debt maturities, led by a revolver due in November this year.

McAfee — A group of lenders that 9fin had reported had organized are said to have signed a cooperation agreement and also hired an FA.

MRP Solutions — Lenders to Clearlake Capital-backed packaging manufacturer MRP Solutions (fka Mold-Rite Packaging) are organizing.

Red Lobster — The seafood restaurant chain is seeking third party financing as it faces steep losses and debt coming due in 2026. It has also brought on a new independent board member at the behest of its lenders and there are reports that it is considering bankruptcy.

Rubio’s Restaurants — Rubio’s is considering a possible Chapter 11 bankruptcy filing in order to sell itself. A bankruptcy filing would be its second in the past four years.

SI Group — The chemical additives company recently shared preliminary 2023 results, which left some investors questioning the sustainability of its capital structure, even as its business shows signs of recovering.

Sonrava Health (fka Western Dental) — The New Mountain-backed company is sounding out investor interest on new funding backed by its accounts receivables balance.

Sound Inpatient Physicians — Lenders to the Summit Partners-backed medical group have extended a co-op agreement to 2 June as the company continues to explore options for raising capital.

Spirit Airlines — Read our three-part series on the stressed ultra low-cost airline and its 8% senior secured notes due 2025 — the Loyalty Notes: Part 1, Part 2 and Part 3.

Staples — The Sycamore Partners-backed office supplies company is working with bankers at JP Morgan and Morgan Stanley to gauge investor interest in a refinancing of upcoming debt.

Telesat Canada — 9fin provided a comprehensive analysis of the company’s recent disappointing earnings and guidance, which caused the company’s bonds and equity to fall sharply.

TGI Friday’s — The restaurant chain has engaged an FA to raise roughly $200m of new funding to pay down debt.

VeriFone — Lenders to the payment and commerce solutions company have organized with Gibson Dunn as they prepare for negotiations ahead of the maturity of the company’s $250m revolver and over $2bn of term loans in 2025.

Veritas Technology — Creditors will look forward to LME proposals to address 2025 maturities alongside a complicated M&A transaction.

VistaJet — The private jet subscription company released Q4 23 results, with the company’s founder penning a letter announcing legal action against a “group of individuals” that has “disseminated half-truths, false rumors and lies”.

Workhorse — The electric vehicle company is working with Stifel to help raise bridge financing as it combats cash flow pressures.

Xplore — The Canadian rural internet provider kickstarted a grace period after skipping a coupon payment due at the end of March. It has been in talks with creditors and sponsor Stonepeak on ways to restructure its legacy business and fund the growth of its fiber projects.

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