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Makers of OxiCotin, Purdue Pharma, Files Reorganization Chapter 11 "Bankrupty"

Accepted submission by Anonymous Coward at 2019-09-16 20:54:54 from the A Rose By Any Other Name dept.
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https://www.bbc.com/news/business-49711618 [bbc.com]

In the face of thousands of lawsuits about the alleging abusive practices contributing to the opioid crisis in the US, Purdue Pharma (makers of OxiCotin) are filing Chapter 11 Bankruptcy protection. If the courts agree, this would allow them to restructure their debts and continue operations.

"Under the terms of the [proposed] deal, Purdue is to be dissolved and the money raised - estimated to be about $10bn-$12bn (£8bn-£9.7bn), including a minimum cash contribution of $3bn from the Sackler family - will go towards settling the lawsuits. The Sacklers have also offered an additional $1.5bn from the eventual sale of Mundipharma, another pharmaceutical firm owned by the family.

Several of the states that oppose the deal, such as New York, Connecticut and Massachusetts, have questioned how Purdue came up with the contribution figure.

The states want the Sackler family to put in more of its own money into the deal."

Note: Bankruptcy is not what regular people think it is. Similar to the "kill" command in Unix/Linux, there are lots of versions which may or may not do what people think. As an example, see: https://www.credit.com/debt/filing-for-bankruptcy-difference-between-chapters-7-11-13/ [credit.com]


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