Minerals Technologies Inc Subsidiaries Barretts Minerals Inc. and Barretts Ventures Texas LLC File for Chapter 11 Protection
Portfolio Pulse from Benzinga Newsdesk
Minerals Technologies Inc. (MTX) announced that its subsidiaries, Barretts Minerals Inc. and Barretts Ventures Texas LLC, have filed for Chapter 11 bankruptcy to address liabilities associated with talc. The subsidiaries plan to operate normally during the bankruptcy process and intend to sell their talc assets. They have received a commitment of $30 million in debtor-in-possession financing from JMB Capital Partners Lending, LLC.
October 02, 2023 | 9:14 am
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Minerals Technologies' subsidiaries' bankruptcy filing could potentially impact the company's financial stability and reputation. However, the secured financing and planned asset sale may mitigate some risks.
The bankruptcy filing of MTX's subsidiaries indicates financial distress, which could negatively impact MTX's stock price. However, the secured financing and planned asset sale may provide some financial relief, potentially mitigating the negative impact.
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