Avon owner in UK files for bankruptcy

Avon Products Inc – a subsidiary of cosmetics group Natura – said it does not have the liquidity to solve 386 talc-related lawsuits, adding that the process would allow it to address its debt obligations in an “orderly manner”.  

Natura has proposed to buy back its trading operations outside the US for $125m (£97m) after the bankruptcy process is complete.  

According to the Guardian, API has already spent $225m in costs defending itself against personal injury and settlements, and said it doesn’t have “sufficient liquidity” to defend or settle the talc cases. At present, the company has total debts worth $1.3bn and liabilities relating to talc claims worth $78m.