Barretts Minerals Inc. and Barretts Ventures Texas LLC File for Chapter 11 Protection
02 Outubro 2023 - 6:06AM
Minerals Technologies Inc. (NYSE: MTX) (“MTI” or the “Company”)
today announced that its subsidiaries, Barretts Minerals Inc.
(“BMI”) and Barretts Ventures Texas LLC (together, “the Debtors”),
filed voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code in the United States Bankruptcy Court for the
Southern District of Texas (the “Bankruptcy Court”) to address and
comprehensively resolve BMI’s liabilities associated with talc.
The Debtors intend to operate their businesses normally
throughout the duration of the Chapter 11 cases.
No other subsidiaries or business units of MTI are included in
the filing and, as such, all are operating business as usual and
will continue to do so during and after the Chapter 11 process.
“We continue to believe the lawsuits against BMI are meritless,
and stand by the safety of BMI’s talc products, which have always
been tested to the highest standard. BMI’s filing is an important
step in efficiently resolving BMI’s liabilities to enable the
company to move forward and focus on its strategic priorities,”
Douglas Dietrich, Chairman of the Board and Chief Executive Officer
of MTI, said. “We considered a number of options and are confident
that this path will provide the best resolution to all
stakeholders, including talc claimants, employees, customers, and
shareholders.”
BMI intends to pursue a sale of its talc assets under section
363 of the Bankruptcy Code. Proceeds of the sale will be used to
fund the Chapter 11 case and an anticipated section 524(g)
trust.
To facilitate this process, the Debtors have received a
commitment of approximately $30 million in debtor-in-possession
financing ("DIP") from JMB Capital Partners Lending, LLC, which,
subject to the Bankruptcy Court’s approval, will provide sufficient
liquidity to continue operations until the Debtors are able to
access proceeds of the sale.
The Debtors are advised by Latham & Watkins LLP, Jefferies
LLC, and M3 Partners. Additional information about the Chapter 11
cases can be found at: https://cases.stretto.com/BMI.
FORWARD-LOOKING STATEMENTSThis press release
may contain "forward‐looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements provide current expectations and forecasts of future
events such as new products, revenues and financial performance,
and are not limited to describing historical or current facts. They
can be identified by the use of words such as “believes,”
“expects,” “plans,” “intends,” “anticipates,” and other words and
phrases of similar meaning. Forward-looking statements are
necessarily based on assumptions, estimates and limited information
available at the time they are made. A broad variety of risks and
uncertainties, both known and unknown, as well as the inaccuracy of
assumptions and estimates, can affect the realization of the
expectations or forecasts in these statements. Actual future
results may vary materially. Significant factors that could affect
the expectations and forecasts include worldwide general economic,
business, and industry conditions; the cyclicality of our
customers’ businesses and their changing regional demands; our
ability to compete in very competitive industries; consolidation in
customer industries, principally paper, foundry and steel; our
ability to renew or extend long term sales contracts for our
satellite operations; our ability to generate cash to service our
debt; our ability to comply with the covenants in the agreements
governing our debt; our ability to effectively achieve and
implement our growth initiatives or consummate the transactions
described in the statements; our ability to successfully develop
new products; our ability to defend our intellectual property; the
increased risks of doing business abroad; the availability of raw
materials and access to ore reserves at our mining operations, or
increases in costs of raw materials, energy, or shipping;
compliance with or changes to regulation in the areas of
environmental, health and safety, and tax; claims for legal,
environmental and tax matters or product stewardship issues; the
continuing effects of the COVID-19 pandemic and the resulting
preventative measures; operating risks and capacity limitations
affecting our production facilities; seasonality of some of our
businesses; cybersecurity and other threats relating to our
information technology systems; and other risk factors and
cautionary statements in our 2022 Annual Report on Form 10‐K,
Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and
other reports filed with the Securities and Exchange Commission.
The Company undertakes no obligation to publicly update any
forward‐looking statement, whether as a result of new information,
future events, or otherwise.
Investor Contact: Lydia Kopylova(212) 878-1831Media Contact:
Jennifer Albert(212) 878-1840
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