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Avon Products has filed for Chapter 11 bankruptcy in Delaware to manage over $1 billion in liabilities and address a wave of lawsuits alleging that its talc-based products cause cancer. The company, once valued at $21 billion, has faced over 200 lawsuits linking its talc products to cancer. Avon's bankruptcy filing aims to offload significant debt and legal responsibilities. A Delaware bankruptcy judge has approved part of a $43 million financing package to support Avon during its bankruptcy proceedings. The company, which ceased U.S. operations in 2016, has already spent $225 million defending itself in personal injury lawsuits and settlements. Additionally, the owner of Avon in the UK has also filed for bankruptcy.
lot of MLM news today! avon international files chapter 11 bankruptcy "the filing comes after the company has spent $225 million defending itself in personal injury lawsuits & settlements. the company does not have 'sufficient liquidity to litigate and/or settle' the cases."
The holding company for Avon's international businesses entered bankruptcy in the U.S. this week, seeking to manage talc-related liabilities it has accrued, including damages that juries in Illinois and California assigned it to pay for cancer diagnoses. https://t.co/krlz0KmuRB https://t.co/bUc0f4PlLf
Avon files for bankruptcy amid mass lawsuits linking its talc products to cancer https://t.co/xP7zx84Fl1 https://t.co/qbknE6tAS8