(CercleFinance.com) – 3M announced on Friday that the American courts had rejected its request for prior formal notice in the case of earplugs for military applications manufactured by its subsidiary Aero.
In a brief press release, the industrial conglomerate said it opposed the decision taken by the bankruptcy court of the Southern District of Indiana and expressed its intention to appeal the judgment.
3M also reaffirms its desire to place Aero under the procedure of Chapter 11 of the American bankruptcy law, a solution which it considers ‘effective, fair and rapid’ in order to settle the dispute.
A growing number of American companies are resorting to this type of process, which makes it possible to limit the financial consequences of a dispute by pushing plaintiffs to claim lower compensation in view of a possible liquidation of the company.
Last month, the group had spent in its second quarter accounts a provision of 1.2 billion dollars for the settlement of the file, a charge deemed insufficient by analysts given the magnitude of the case.
Credit Suisse teams estimate that the financial implications for the company should rather be in a range of between three and 23.5 billion dollars.
For its part, 3M claims to want to defend itself “vigorously” against these complaints, filed in numerous courts.
The 3M title, which lost 9.5% on the New York Stock Exchange on Friday, was still expected to drop 0.5% on Monday at the opening.
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