Johnson & Johnson is facing two multibillion-dollar threats from court cases related to its role in the opioid epidemic and allegations its baby powder contained asbestos. To contend with the liabilities, the company is deploying legal tactics used in bankruptcy cases, including a relatively rare type of merger.

Axios Re:Cap host Felix Salmon is joined by David Warfield, a partner at Thompson Coburn and a bankruptcy expert, to unpack exactly what Johnson & Johnson’s latest moves mean for these court cases and bankruptcy law at large.