Alex When did Purdue Pharma file for Chapter 11 bankruptcy?
On September 15, 2019 and September 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors (collectively, the “Debtors”) each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York.
Why did Purdue Pharma have to plead guilty?
Purdue Pharma will admit to enabling the supply of drugs “without legitimate medical purpose”. The deal with US Department of Justice resolves some of the most serious claims against the firm. But it still faces thousands of cases brought by states and families.
What was the settlement with Purdue Pharma over the opioid crisis?
The maker of OxyContin painkillers has reached an $8.3bn (£6.3bn) settlement and agreed to plead guilty to criminal charges to resolve a probe of its role in fuelling America’s opioid crisis. Purdue Pharma will admit to enabling the supply of drugs “without legitimate medical purpose”.
Who is the current chairman of Purdue Pharma?
Purdue called the deal an “essential” step to wider resolution of the matter. “Purdue deeply regrets and accepts responsibility for the misconduct detailed by the Department of Justice,” said Steve Miller, who joined Purdue’s board as chairman in July 2018, shortly before the firm sought protection from the litigation by filing for bankruptcy.
Why did Purdue Pharma file for bankruptcy last week?
Yet, last week’s bankruptcy filing by Stamford, Conn.-based Purdue Pharma, and a settlement it has struck with some claimants has been viewed widely as a getaway vehicle for the company and the high profile Sackler family that owns it.
What was the settlement offer for Purdue Pharma?
About half the claimants have rejected the settlement on offer worth between $10 billion and $12 billion, where the Sacklers would put in $3 billion. As they see prospects of extracting more than that, the company is seeking to put court pressure on all parties to accept the settlement.
Who is the Prime clerk for Purdue Pharma?
Omnibus Hearing Notice of Agenda / Updated Agenda for Hearing filed by Benjamin S. Kaminetzky on behalf of Purdue Pharma Inc., Purdue Pharma L.P., Purdue Pharma Manufacturing L… Add to Calendar
How much did the Sacklers pay Purdue Pharma?
According to a Reuters report that cited court records and “people familiar with the matter,” the Sacklers would pay the $3 billion they have promised over seven years and an additional $1.5 billion or more through an eventual sale of another company they own called Mundipharma.