Plan of Reorganization of Imerys Talc America, Inc
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Case 19-10289-LSS Doc 2864 Filed 01/28/21 Page 1 of 371 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE ------------------------------------------------------------ x In re: : Chapter 11 : IMERYS TALC AMERICA, INC., et al.,1 : Case No. 19-10289 (LSS) : Debtors. : (Jointly Administered) : ------------------------------------------------------------ : In re: : Chapter 11 : IMERYS TALC ITALY S.P.A.,2 : Case No. [Not yet filed] : Potential Debtor. : [Joint Administration To Be Requested] : ------------------------------------------------------------ x NINTH AMENDED JOINT CHAPTER 11 PLAN OF REORGANIZATION OF IMERYS TALC AMERICA, INC. AND ITS DEBTOR AFFILIATES UNDER CHAPTER 11 OF THE BANKRUPTCY CODE THIS SOLICITATION IS BEING CONDUCTED NOT ONLY FOR THE DEBTORS IN THESE CHAPTER 11 CASES, BUT ALSO FOR IMERYS TALC ITALY S.P.A. NO CHAPTER 11 CASE HAS BEEN COMMENCED AT THIS TIME FOR IMERYS TALC ITALY S.P.A. THE DISCLOSURE STATEMENT AND SOLICITATION MATERIALS ACCOMPANYING THIS JOINT CHAPTER 11 PLAN HAVE NOT YET BEEN APPROVED BY THE BANKRUPTCY COURT FOR IMERYS TALC ITALY S.P.A. IF THE REQUISITE NUMBER OF ACCEPTANCES BY HOLDERS OF CLAIMS IN CLASS 4 ARE RECEIVED, IMERYS TALC ITALY S.P.A. WILL COMMENCE A CHAPTER 11 CASE. FOLLOWING THE COMMENCEMENT OF SUCH A CASE AND ENTRY OF AN ORDER FOR JOINT ADMINISTRATION, IMERYS TALC ITALY S.P.A. WILL SEEK TO HAVE THE DISCLOSURE STATEMENT ORDER MADE APPLICABLE TO IT AND THE CONFIRMATION HEARING ON THIS JOINT CHAPTER 11 PLAN WILL APPLY TO IMERYS TALC ITALY S.P.A. EVEN THOUGH A CHAPTER 11 CASE HAS NOT BEEN COMMENCED FOR IMERYS TALC ITALY S.P.A., THIS JOINT CHAPTER 11 PLAN IS DRAFTED TO ACCOUNT FOR SUCH A FILING FOR EASE OF READING. TO THE EXTENT THAT THE REQUISITE ACCEPTANCES ARE NOT RECEIVED OR IT IS OTHERWISE DETERMINED THAT A CHAPTER 11 FILING IS NOT NECESSARY, ANY REFERENCE TO 1 The Debtors in these cases, along with the last four digits of each Debtor’s federal tax identification number, are: Imerys Talc America, Inc. (6358), Imerys Talc Vermont, Inc. (9050) and Imerys Talc Canada Inc. (6748). The Debtors’ address is 100 Mansell Court East, Suite 300, Roswell, Georgia 30076. 2 This solicitation is also being conducted by Imerys Talc Italy S.p.A. pursuant to sections 1125(g) and 1126(b) of the Bankruptcy Code and Bankruptcy Rule 3018. If the Plan is accepted by the requisite number of claimants in Class 4, Imerys Talc Italy S.p.A. will commence a bankruptcy case that will be, pending entry of an order by the Bankruptcy Court, jointly administered under Case No. 19- 10289 (LSS). Imerys Talc Italy S.p.A.’s address is Via Nazionale 121 Porte, 10060 Turin, Italy. US-DOCS\120811676.4 Case 19-10289-LSS Doc 2864 Filed 01/28/21 Page 2 of 371 THE CHAPTER 11 CASE OF IMERYS TALC ITALY S.P.A. WILL BE STRICKEN. THE PLAN PROPONENTS RESERVE THE RIGHT TO AMEND, SUPPLEMENT OR OTHERWISE MODIFY THIS JOINT CHAPTER 11 PLAN PRIOR TO OR DURING THE CONFIRMATION HEARING TO THE EXTENT ALLOWED BY THE BANKRUPTCY CODE AND THE BANKRUPTCY RULES AND IN ACCORDANCE WITH THE TERMS OF THE PLAN. THE PLAN PROVIDES, AMONG OTHER THINGS, FOR THE ISSUANCE OF AN INJUNCTION PURSUANT TO SECTIONS 105(a) AND 524(g) OF THE BANKRUPTCY CODE THAT CHANNELS ALL CLASS 4 TALC PERSONAL INJURY CLAIMS AGAINST THE DEBTORS AND THE PROTECTED PARTIES (AS DEFINED HEREIN) TO A TRUST, AS WELL AS OTHER INJUNCTIONS DESCRIBED IN ARTICLE XII OF THE PLAN. 2 US-DOCS\120811676.4 Case 19-10289-LSS Doc 2864 Filed 01/28/21 Page 3 of 371 CONTENTS Page ARTICLE I DEFINITIONS AND RULES OF INTERPRETATION ............................................1 1.1 Capitalized Terms ....................................................................................................1 1.2 Interpretation; Application of Definitions; Rules of Construction; and Computation of Time .............................................................................................33 1.3 Exhibits ..................................................................................................................34 1.4 Ancillary Documents .............................................................................................34 ARTICLE II TREATMENT OF ADMINISTRATIVE CLAIMS, FEE CLAIMS, DIP FACILITY CLAIMS, AND PRIORITY TAX CLAIMS ......................................34 2.1 Administrative Claims ...........................................................................................34 2.2 Allowed Priority Tax Claims .................................................................................35 2.3 Fee Claims .............................................................................................................35 2.4 DIP Facility Claims................................................................................................36 ARTICLE III TREATMENT OF CLASSIFIED CLAIMS AND EQUITY INTERESTS ...........36 3.1 Grouping of the Debtors for Convenience .............................................................36 3.2 Claims and Equity Interests Classified ..................................................................36 3.3 Treatment and Classification of Claims and Equity Interests ................................37 3.4 Debtors’ Rights with Respect to Unimpaired Claims ............................................41 ARTICLE IV THE TALC PERSONAL INJURY TRUST ...........................................................41 4.1 Establishment of the Talc Personal Injury Trust ....................................................41 4.2 Purpose and Trust Distribution Procedures ...........................................................41 4.3 Selection of the Initial Talc Trustees .....................................................................41 4.4 Advising the Talc Personal Injury Trust ................................................................42 4.5 Transfer of Claims and Demands to the Talc Personal Injury Trust .....................42 4.6 Transfer of Talc Personal Injury Trust Assets to the Talc Personal Injury Trust .......................................................................................................................43 4.7 Talc Personal Injury Trust Expenses .....................................................................44 4.8 Excess Talc Personal Injury Trust Assets ..............................................................44 4.9 Dissolution of the Talc Personal Injury Trust ........................................................44 4.10 Funds and Investment Guidelines ..........................................................................44 4.11 Cooperation Agreement .........................................................................................44 4.12 Talc Personal Injury Trust Indemnification of the Protected Parties .....................45 4.13 Post-Effective Date Liabilities ...............................................................................45 ARTICLE V TREATMENT OF EXECUTORY CONTRACTS AND UNEXPIRED LEASES .................................................................................................................45 5.1 General Treatment .................................................................................................45 i US-DOCS\120811676.4 Case 19-10289-LSS Doc 2864 Filed 01/28/21 Page 4 of 371 5.2 Claims Based on Rejection of Executory Contracts or Unexpired Leases ............46 5.3 Cure of Defaults for Executory Contracts and Unexpired Leases .........................47 5.4 Modifications, Amendments, Supplements, Restatements or Other Agreement ..............................................................................................................49 5.5 Reservation of Rights .............................................................................................49 5.6 Talc Insurance Policies and Talc Insurance CIP Agreements ...............................49 5.7 Non-Talc Insurance Policies ..................................................................................49 ARTICLE VI DISTRIBUTIONS UNDER THE PLAN ON ACCOUNT OF CLAIMS ..............50 6.1 Distributions ...........................................................................................................50 6.2 Timing and Calculation of Amounts to be Distributed ..........................................50 6.3 Disbursing Agent ...................................................................................................50 6.4 Rights and Powers of Disbursing Agent ................................................................50 6.5 Distributions on Account of Claims Allowed After the Effective Date ................51 6.6 Delivery of Distributions and Undeliverable or Unclaimed Distributions ............51 6.7 Time Bar to Cash Payments ...................................................................................52 6.8 Disbursing Agent’s Obligation to Provide Periodic Reporting .............................52 6.9 Record Date for Holders of Claims .......................................................................52 6.10 Compliance with Tax Requirements and Allocations ...........................................53 6.11 Transfers of Claims ................................................................................................53 6.12 Interest on Impaired and Disputed Claims .............................................................53 6.13 Setoffs ....................................................................................................................53 ARTICLE VII RESOLUTION OF DISPUTED CLAIMS OTHER THAN TALC PERSONAL INJURY CLAIMS............................................................................54