US court approves Purdue Pharma bankruptcy plan
A New York bankruptcy court gave on Wednesday its conditional approval to Purdue Pharma L.P.’s chapter 11 plan of reorganization. The company was accused of playing a part in the opioid epidemic in the United States and faced a large number of related lawsuits.
Purdue Pharma will be dissolved and its operating assets will be transferred to a new company, owned primarily by the newly-formed National Opioid Abatement Trust. The firm’s owners, the Sackler family, will have no involvement in the new company and are paying $4.3 billion. In return, they will not be targeted by future lawsuits in relation to Purdue Pharma.
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