A federal appeals court denied Johnson & Johnson’s request to have the full panel rehear a ruling earlier this year dismantling its talcum powder bankruptcy.
Wednesday’s order from the U.S. Court of Appeals for the Third Circuit retains its Jan. 30 ruling that Johnson & Johnson subsidiary LTL Management, created through the “Texas two-step” merger process, was not in financial distress when it filed for Chapter 11 in 2021. That decision overturned a holding last year via U.S. Bankruptcy Chief Judge Michael Kaplan of the District of New Jersey, rejecting dismissal of the Chapter 11 case.
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