LTL Management LLC, a US company and an indirect subsidiary of Johnson & Johnson, a global provider of health care products, had its US Chapter 11 proceedings recognized under the CCAA for the second time on April 13. This marks the second filing for the company under the Bankruptcy Code in two years. The company previously obtained protection in 2021, but the proceedings were subsequently dismissed on April 4, 2023, when the United States Court of Appeals for the Third Circuit rejected the company's "Texas two-step" strategy. The company has advised that the 2023 Chapter 11 proceedings differ from the 2021 Chapter 11 proceedings in two important ways. First, the company has entered into new financing arrangements with its affiliates (including J&J, its ultimate parent company) which are intended to comply with the financial distress test outlined in the Third Circuit opinion. Second, it has the support of approximately 60,000 plaintiffs in respect of a proposed plan that will be funded with approximately $8.9 billion (on a net present value basis). EY is the Information Officer, represented by Cassels. Blakes is counsel for the company.