A subsidiary of Johnson & Johnson files for bankruptcy

Announced one of the branches of the company Johnson & Johnson The company filed for bankruptcy in North Carolina yesterday, and the company listed about $10 billion in assets and nearly $10 billion in liabilities in court documents. Johnson & Johnson itself has not filed for bankruptcy.

Michael Ullman, executive vice president of Johnson & Johnson, said in a statement published by Bloomberg News that the company has taken these measures to reassure all parties concerned with cosmetic product issues made of talc.

He pointed out that the company continues to stand firmly behind the safety of its cosmetic products made of talc, adding that resolving this issue as quickly and efficiently as possible will be in the interest of the company and all stakeholders.

Read also | Johnson & Johnson applies for permission to give a “booster dose”

It is reported that the US Bankruptcy Court allows companies facing large legal claims Settlement discussions are held with claimants via a central forum, usually with a hold on filing bankruptcy lawsuit All pending lawsuits against the company.

Johnson & Johnson faces tens of thousands of lawsuits linking cosmetic products The company said it would create a $2 billion trust to pay off its subsidiary’s debts that would be determined by the bankruptcy court, and would also transfer the $350 million franchise rights to the unit.

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