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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.
Business in CT is changing. Our new newsletter has you covered.
March 15, 2021
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An open for business sign welcomes passing customers. (Photo courtesy of Getty Images)
Set to launch in late March, the Connecticut Business newsletter is the newest arm of our expanding coverage of local business across the state.
Each Tuesday our experienced local business journalists will provide expert analysis on retail openings, closings and trends, our state’s cost of living, downtown development and more.
Sign up here to hear from journalists including Paul Schott, Luther Turmelle and Alex Soule, who are positioned to provide the most comprehensive analysis, compelling stories and interactive explorations in the state.
CT looks to revive struggling electric vehicle subsidies program
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A Tesla electric vehicle charges at one of the high-speed charging ports at the I-95 southbound service plaza in Darien, Conn., on Feb. 9, 2021. Connecticut is looking to expand access to electric vehicles such as Tesla models by improving its EV subsidies program.Tyler Sizemore / Hearst Connecticut MediaShow MoreShow Less
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Tesla has a gallery and service center on Boston Post Road in Milford, Conn. Connecticut is looking to expand access to electric vehicles such as Tesla models by improving its EV subsidies program.Christian Abraham / Hearst Connecticut MediaShow MoreShow Less
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Currently Reading A validation of mission and strategy : The pandemic hasn t stopped Annie Lamont s Oak HC/FT from making major investments
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Oak HC/FT co-founders and managing partners Andrew Adams, left, Patricia Kemp, center, and Annie Lamont pose outside the Oak HC/FT office at Pickwick Plaza in Greenwich, Conn., on Monday, March 8, 2021. The Greenwich-based venture capital firm invests in early to growth-stage health care and financial technology companies.Tyler Sizemore / Hearst Connecticut MediaShow MoreShow Less
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Oak HC/FT co-founders and managing partners Andrew Adams, left, Patricia Kemp, center, and Annie Lamont pose outside the Oak HC/FT office at Pickwick Plaza in Greenwich, Conn., on Monday, March 8, 2021. The Greenwich-based venture capital firm invests in early to growth-stage health care and financial technology companies.Tyler Sizemore / Hearst Connecticut MediaShow MoreShow Less