Financial distress? Judge dismisses N.J. Fortune 500 company’s second bankruptcy attempt.

📆 7/31/2023 11:03 AM
📰 njdotcom

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A U.S. bankruptcy court judge found that the company was not in financial distress.

FILE - A bottle of Johnson's baby powder is displayed on April 15, 2011, in San Francisco.

Johnson & Johnson is earmarking nearly $9 billion to cover allegations that its baby power containing talc caused cancer, more than quadrupling the amount that the company had previously set aside to pay for its potential liability. Under a proposal announced Tuesday, April 4, 2023, a J&J subsidiary will re-file for Chapter 11 bankruptcy protection and seek court approval for a plan that would result in one of the largest product-liability settlements in U.S. history.

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