Claimants Oppose Rehearing For 3rd Circuit’s Dismissal Of J&J Debtor’s Bankruptcy

(March 13, 2023, 2:36 PM EDT) -- PHILADELPHIA — Rehearing of the Third Circuit U.S. Court of Appeals’ ruling that the Chapter 11 case of Johnson & Johnson (J&J) spinoff LTL Management LLC should be dismissed is not needed because the panel correctly held that the debtor was not in financial distress, which is “an ordinary requirement for bankruptcy,” the committee of asbestos claimants in the case tells the court in a brief in opposition to the debtor’s rehearing bid....

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