Avon Products, Inc. (API) announced that it has initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware to address its debt and legacy talc liabilities.WHO: Avon Products, Inc. (API) is a US-based non-operational holding company of the Avon beauty brand. API has not sold products in the US since it divested its North America business in 2016 but remains the holding company of the brand's non-U.S. operating entities. WHY: API is facing hundreds of lawsuits over its talc products and has incurred $225 million of costs defending personal injury lawsuits and settlement payments. To date, its debt is hovering around $1.3 billion. IN THEIR OWN WORDS: John Dubel, API's Chairperson, said, "Today's action and the proposed sale of Avon's non-U.S. operations will maximize the value of our assets and enable us to address our obligations in an orderly manner."Kristof Neirynck, Chief Executive Officer of Avon, said, "We remain focused on advancing our business strategy internationally, including modernizing our direct selling model and reigniting the brand to accelerate growth. Since becoming CEO earlier this year, I am increasingly energized by our strengths and opportunities, supported by our valued Associates and nearly 2 million Representatives around the world." DETAILS:Avon Products, Inc. announced that it has initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware.Avon's operating businesses outside the U.S., which continue to advance on strategic initiatives, are not part of the Chapter 11 proceedings, and it is business as usual in Avon's international markets.