The North American Talc Subsidiaries of Imerys (Imerys Talc America, Imerys Talc Vermont, and Imerys Talc Canada) announced that the U.S. Bankruptcy Court for the District of Delaware has approved the sale of substantially all of the debtors' assets, plus an agreement to assume certain assumed liabilities, to Magris Resources Canada Inc., according to a press release. Magris emerged as the successful bidder after having been selected as the stalking-horse bidder by the debtors on October 13. As previously disclosed, Magris will acquire substantially all of the Debtors' assets for a purchase price of U.S. $223 million, plus the assumption of certain Assumed Liabilities. The transaction is subject to customary closing conditions and regulatory approvals, as well obtaining U.S. and Canadian court approval. A hearing to recognize the yesterday's U.S. bankruptcy court ruling is scheduled before the Canadian court on November 25. After receiving court approvals, the debtors will move to close the transaction, with a goal of closing by the first quarter of 2021.
