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ARTICLE · 23 AUGUST 2021

What We're Reading This Week [August 20, 2021]

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The Wall Street Journal reports on Purdue Pharma's continuing confirmation hearing covering the company's proposed reorganization plan centered around a $4.5 billion settlement with its founders...

United StatesInsolvency/Bankruptcy/Re-Structuring
Danielle A. Corn
Danielle A. Corn
Sean Scott
Sean Scott
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The Wall Street Journal reports on Purdue Pharma's continuing confirmation hearing covering the company's proposed reorganization plan centered around a $4.5 billion settlement with its founders, the Sackler family.  Currently, the Sackler family is named in civil litigation which alleges that the family knowingly fueled opioid addiction through the marketing of OxyContin, an opioid painkiller. A restructuring specialist who had joined the Purdue board before its chapter 11 filing testified on the first day of the confirmation hearing that the Sackler family required releases so as “to be able to put all of the litigation behind them.” The settlement, and related third-party releases of the Sackler family, are being challenged by state and federal authorities as well as some members of Congress. If the plan is approved, the Sacklers would make an immediate payment of $300 million as well as yearly installments until 2030. [WSJ; Aug. 12, 2021]

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