Committee of Talc Claimants Opposes LTL’s Petition for Rehearing En Banc

PHILADELPHIA –– The Official Committee of Talc Claimants has opposed LTL Management LLC’s petition for rehearing and rehearing en banc has filed a petition for rehearing and rehearing en banc, arguing the 3rd Circuit U.S. Court of Appeals properly ruled that LTL failed to meet the “financial distress” requirement for bankruptcy.

In a March 6 brief, the Committee contends that the appellate panel’s “case-specific ruling faithfully applies unchallenged circuit precedent” and “breaks no new ground and creates no conflict with any other circuit.”

“LTL insists that the panel’s case-specific focus on the debtor’s finances, rather than its defunct corporate …