15 more U.S. states reach settlement with OxyContin maker Purdue bankruptcy

File Photo: On April 25, 2017, a bottle of Purdue Pharma LD’s prescription analgesic Oxycontin 40 mg tablets is placed on the shelf of a local pharmacy in Provo, Utah, USA.Reuters / George Frey

July 8, 2021

Mike Specter

New York (Reuters) – Fifteen more states have reached an agreement with Purdue Pharma LP and members of its wealthy Suckler family owners, bringing oxycontin makers one step closer to resolving widespread opioid proceedings and breaking away from bankruptcy protection. ..

Currently, with the exception of a handful of states across the country, it supports Purdue University’s bankruptcy program, with the latest agreement appearing after weeks of mediation.

The deal, outlined in bankruptcy court documents filed late Wednesday, has contributed an additional $ 50 million to the proposed proceedings settlement by Suckler’s family and tens of millions of additional internals for public inspection. It was established after agreeing to publish the document.

An additional $ 175 million comes from relinquishing control of family charities. According to the document, members of the Sackler family have also agreed to a ban on naming rights related to charitable donations until the litigation settlement fund is fully paid.

Overall, Suckler’s contributions to Purdue University’s bankruptcy exit plan now total about $ 4.5 billion.

According to the US Centers for Disease Control and Prevention, the plan was raised by the US community, which claims that Purdue and his family owners have contributed to the opioid crisis that has claimed the lives of about 500,000 people since 1999. The purpose is to resolve the proceedings.

The company and family denied the claim.

Purdue is the latest agreement built on the support of other creditors in the company’s bankruptcy proceedings, adding to plans to transfer billions of dollars in trust to address the US opioid crisis. He said he wanted to reach an agreement. Suckler’s family called the deal “an important step in providing substantial resources to people in need and the community.”

The deal, backed by long-standing support from Massachusetts and New York, is preparing for court approval in the coming weeks for a bankruptcy plan that Purdue University estimates at over $ 10 billion. .. Its value depends in part on the reversal of overdose and future donations of addiction medications that the company is developing.

The plan disbands the company and transfers assets to a trust that runs on behalf of plaintiffs who claim that the company and its owners are aggressively marketing the painkiller oxycontin to reduce the risk of abuse and overdose. I will.

“I know that this resolution will not bring back loved ones or undo the evil of what Sackler did, but by providing all the documents, he turned over the secrets to them and didzens of them. Repaying $ 100 million and driving Sackler out of the opioid business. Closing Padhu University will prevent this from happening again, “said Maura Healey, Attorney General of Massachusetts. Stated.

(Report by Mike Spector, edited by Howard Goller)

15 more U.S. states reach settlement with OxyContin maker Purdue bankruptcy

Source link 15 more U.S. states reach settlement with OxyContin maker Purdue bankruptcy

Back to top button