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ARTICLE · 18 MARCH 2021

What We're Reading This Week [March 16, 2021]

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Reporting from CNBC indicates that Purdue Pharma, the maker of OxyContin, has proposed a $10 billion plan to exit bankruptcy.

United StatesInsolvency/Bankruptcy/Re-Structuring
Kyle J. Tum Suden
Kyle J. Tum Suden
Sean Scott
Sean Scott
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Aaron Gavant
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Reporting from CNBC indicates that Purdue Pharma, the maker of OxyContin, has proposed a $10 billion plan to exit bankruptcy. According to sources, the exit plan not only includes a significant contribution of more than $4 billion from members of the Sackler family who own the Connecticut-based pharmaceutical giant, but also calls for the pharmaceutical giant to be transformed into a different kind of company that plans to funnel profits into the fight against the nation's intractable opioid crisis. [CNBC; Mar. 16, 2021].

Bloomberg reports that the US Supreme Court recently declined to hear an appeal regarding how the lending industry reports canceled debt on consumer credit reports, an issue central to the "fresh start" that consumers receive after bankruptcy. The appeal sought to restrict consumers from joining together in class action lawsuits accusing the banks of violating individuals' bankruptcy discharges by continuing to include old, discharged debt on

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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