Barretts Minerals Inc. (BMI), a subsidiary of Minerals Technologies, Inc. (NYSE: MTX), has announced that it completed the sale of all of its talc assets to Riverspan Partners for US$32 million. The go-forward company will conduct business under the Barretts Minerals brand. The United States Bankruptcy Court for the Southern District of Texas approved the sale, which includes an agreement to assume certain Assumed Liabilities, on March 25, 2024, as part of the ongoing Chapter 11 process of Barretts Minerals Inc and Barretts Ventures Texas LLC (together, BMI). Proceeds from the sale will be used to fund BMI’s ongoing Chapter 11 case including the repayment of its debtor-in-possession funding and the anticipated creation of a section 524(g) trust.
Latham & Watkins LLP represents Barretts Minerals in the transaction led by Los Angeles restructuring partner Jeff Bjork, New York restructuring partner Anupama Yerramalli, New York M&A partner Daniel Mun, and counsel Richard Quay. The restructuring team also included Los Angeles partner Kimberly Posin and DC counsel Christina Craige, with associates Shawn Hansen, Jonathan Weichselbaum, Nikhil Gulati, and Meghana Vunnamadala; and M&A associates Lachlan Sievert, Tyler Miller, Sophia Yang, Jonathan Kow, and Gemma Zhang. Advice was provided on tax matters by Chicago partner Joseph Kronsnoble, with associate Derek Gumm; on intellectual property matters by Los Angeles partner Ghaith Mahmood, with associate Heather Lui; on data privacy matters by San Francisco partner Robert Blamires; on antitrust and competition matters by New York partner Katherine Rocco, with associate Charlie Sprague; on environmental, land, and resources matters by Los Angeles partner Aron Potash, with associates Nick Cox and Cody Kermanian; on real estate matters by New York partner Justin Elliott and counsel Karen Ritter; on labor and benefits matters by New York counsel Rifka Singer and Chicago counsel Leah Segall; on finance matters by Houston partner M. Catherine Ozdogan, with associate Brian Flynn; and on litigation matters by Los Angeles partner Amy Quartarolo, with associate Joseph Teresi.
