Velan Inc. (TSX: VLN), a world-leading manufacturer of industrial valves, has announced the successful completion of the permanent divestiture of its asbestos-related liabilities to an affiliate of Global Risk Capital at a cost to the company of approximately US$143 million. Originally announced on January 14, 2025, the Asbestos Divestiture Transaction marks a significant step in Velan’s strategic financial realignment.
Latham & Watkins LLP represents Velan in the transaction with a Restructuring & Special Situations team led by Los Angeles partners Jeff Bjork and Helena Tseregounis and counsel Chris Craige, with Chicago partner Jason Gott and associates Madeleine Parish and TJ Li, and a Corporate team led by Chicago partner Zachary Judd.
Advice was provided on litigation matters by Los Angeles partner Amy Quartarolo; on finance matters by Los Angeles partner Mark Morris and counsel Jonathan Shih; on tax matters by Chicago partner Joseph Kronsnoble; and on government contracting/regulatory matters by Washington D.C. partners Dean Baxtresser, Damara Chambers, and Andrew Galdes.
