Sackler family members agree to pay $4 2 billion as part of plan to dissolve OxyContin maker Purdue ktvz.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ktvz.com Daily Mail and Mail on Sunday newspapers.
Purdue Pharma has filed a restructuring plan to dissolve itself and establish a new company dedicated to programs designed to combat the opioid crisis, according to court documents filed Monday.
Purdue Pharma has filed a restructuring plan to dissolve itself and establish a new company dedicated to programs designed to combat the opioid crisis, according to court documents filed Monday.
Purdue Pharma files re-organization plan; CT, other states reject proposal
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Purdue Pharma is headquartered at 201 Tresser Blvd., in downtown Stamford, Conn.Frank Franklin II / Associated Press
STAMFORD Bankrupt OxyContin maker Purdue Pharma filed Tuesday a re-organization plan, which it said would provide billions of dollars to tackle the opioid crisis but Connecticut and nearly two-dozen other states panned that proposal, arguing for changes such as a greater contribution from the company’s owners.
The Stamford-based firm’s new plan consists of the main terms that it has proposed, since filing for Chapter 11 protection in September 2019, for settling the approximately 3,000 lawsuits consolidated in its bankruptcy case. It values its proposal at more than $10 billion, and the vast majority of the proceeds would be allocated for efforts to respond to a national opioid epidemic that is resulting in tens of thousands of deaths every year.