OxyContin maker Purdue Pharma files for bankruptcy protection

[Elderberry]

CNBC by Berkeley Lovelace Jr. 9/15/2019

    Purdue’s board on Sunday approved the much-anticipated bankruptcy filing, days after reaching a tentative deal to settle some 2,000 opioid lawsuits filed by local governments, Native American tribes and states.

    Purdue and a group of state attorneys general had been negotiating for months to settle the lawsuits over the opioid crisis to avoid a trial, expected to begin in October.

OxyContin maker Purdue Pharma filed for Chapter 11 bankruptcy protection on Sunday, collapsing under the weight of thousands of lawsuits from states and individuals seeking damages stemming from the opioid crisis.

Purdue’s board approved the much-anticipated bankruptcy filing, days after reaching a tentative deal to settle some 2,000 opioid lawsuits filed by local governments, Native American tribes and states suing the company over the toll of opioids.

“This settlement framework avoids wasting hundreds of millions of dollars and years on protracted litigation,” said Chairman of Purdue’s board of directors, Steve Miller, in a statement. He said it “instead will provide billions of dollars and critical resources to communities across the country trying to cope with the opioid crisis.”

More: https://www.cnbc.com/2019/09/16/oxycontin-maker-purdue-pharma-files-for-bankruptcy-protection.html

[mystery-ak]

OxyContin maker Purdue Pharma files for bankruptcy
by Cassidy Morrison
 | September 16, 2019 08:36 AM



Pharmaceutical giant Purdue Pharma has filed for Chapter 11 bankruptcy as part of a tentative agreement to settle thousands of lawsuits over its role in the opioid crisis.

The company responsible for OxyContin announced Sunday it filed for bankruptcy protections just days after agreeing to terms with state attorneys general in over 2,000 lawsuits that claim Purdue’s blockbuster drug was behind the epidemic of opioid addiction.

Purdue announced the deal with 24 attorneys general and five U.S. territories would equate to over $10 billion to help states recover from a flood of opioids since the 1990s. The company to replace Purdue, once the Sackler family gives up $3 billion and all stakes, will be called NewCo. A board of directors approved by the bankruptcy court will oversee the company’s transition to a public trust, as well as sales of opioids and overdose reversal drugs.

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https://www.washingtonexaminer.com/news/oxycontin-maker-purdue-pharma-files-for-bankruptcy