💥New Chapter 11 Bankruptcy Filing - Miyoshi America Inc.💥
Cosmetic-industry co. files chapter 11 to effectuate first prepack 524(g) plan.
On April 27, 2026, Dayville, CT-based Miyoshi America, Inc. (the “debtor”) filed a chapter 11 bankruptcy case in the Southern District of Texas (Judge Lopez). The debtor processes and sells ingredients — like pigments, composites, and substrates — to cosmetic manufacturers, a small percentage of which contained talc (~5% of the debtor’s historic sales).
So, yes, 😩, this is another bankruptcy brought to you by lots and lots of personal injury claimants. Per VP Edward Houlihan:
“The first such case was filed against the Debtor in 2015. Additional similar cases were filed against the Debtor continuing in 2017 and 2018, but the number of cases was small, and the costs of defending (successfully) against those cases were manageable. However, beginning in 2022, the pace of filings against the Debtor accelerated, with five cases filed in 2022, thirty-five cases filed in 2023, thirty-four cases filed in 2024, and 167 cases filed in 2025.”
All in all, the debtor had ~297 cases pending against it at the filing, and the cost of defending the suits became unsustainable (even as the debtor has “… never had a judgment entered against it in a mesothelioma case”).
Unlike most mass-lawsuit filings, however, there is something unique about this one. The debtor and its advisors — Mayer Brown LLP (“MB”), financial advisor Alvarez & Marsal North America, LLC, and banker Smith Goffman Partners — are attempting something novel.
They’re aiming to prepack this sh*t. In what would be “… the first fully prepackaged chapter 11 plan designed to resolve talc-asbestos claims through a section 524(g) trust and channeling injunction.”
