AIO US, Inc. and affiliated U.S. holding companies for Avon Products filed chapter 11 in Delaware on August 12, 2024 to address legacy talc-related litigation and execute a credit-bid sale to parent company Natura &Co. Debtors were non-operating holding companies with approximately $1.294 billion in funded debt (predominantly owed to Natura group) and approximately 386 pending talc cases. Natura provided a $43 million DIP facility (Term SOFR + 5.50%) and bid $125 million (credit bid) for substantially all assets in a 363 sale that closed December 6, 2024. The debtors' liquidation plan was confirmed September 24, 2025, establishing an Avon Liquidation Trust to administer retained assets and talc claims under trust distribution procedures. Plan effective date was October 7, 2025, with liquidating trustee Melanie Cyganowski appointed to wind down operations and pursue retained causes of action.
