Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Yo_Mama_Been_Loggin

(107,111 posts)
Wed Sep 4, 2019, 01:15 PM Sep 2019

OxyContin maker braces for bankruptcy as settlement talks stall

Source: Reuters

OxyContin maker Purdue Pharma LP is preparing to seek bankruptcy protection before the end of the month if it does not reach a settlement with U.S. communities over widespread opioid litigation, three people familiar with the matter said, after some states balked at the company's $10 billion to $12 billion offer in August to end their lawsuits as part of a negotiated Chapter 11 case.

On Friday, Purdue lawyers had documents prepared for a Chapter 11 filing at a moment’s notice, Reuters has learned. A federal judge, who expects plaintiffs to update him on settlement progress this week, wants 35 state attorneys general on board with a deal, a threshold that has not yet been reached, the people familiar with the matter said.

Purdue lawyers have told lead attorneys for local governments and some state attorneys general for weeks, and again in recent days, that the company will have to file for bankruptcy without a settlement if one is not reached soon, one of the people said. This approach is known as a "free-fall" bankruptcy filing because it lacks consensus on a reorganization beforehand.

Strong opposition from some attorneys general such as those in Massachusetts and New York emerged last week after confidential discussions on Purdue’s settlement talks became public in media reports, with Connecticut’s calling for Purdue to be “broken up and shut down,” and sold in parts. Their main sticking point is how much Purdue's controlling Sackler family will pay, the people said.

Read more: https://www.msn.com/en-us/money/companies/oxycontin-maker-braces-for-bankruptcy-as-settlement-talks-stall/ar-AAGL05o?li=BBnbfcN

5 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
OxyContin maker braces for bankruptcy as settlement talks stall (Original Post) Yo_Mama_Been_Loggin Sep 2019 OP
K&R ck4829 Sep 2019 #1
According to the CDC, opiods kill 130 Americans each day patphil Sep 2019 #2
Rush just isn't going to be happy about this. sellitman Sep 2019 #3
I bet those fuckers are hiding cash like crazy. nt Hotler Sep 2019 #4
Why aren't these people Skidmore Sep 2019 #5

patphil

(6,035 posts)
2. According to the CDC, opiods kill 130 Americans each day
Wed Sep 4, 2019, 02:35 PM
Sep 2019

OxyContin is a semisynthetic opiod. I don't know how many deaths are directly related to this opiod, but it's got to be in the thousands each year.
Purdue Pharmaceuticals had to know their product was killing lots of people, but they continued to sell it.
To me, this isn't any different than the guy on the street corner who is peddling the drug to the users.
They are a criminal company, and need to be treated as such.
And, the Sackler family is no different than an organized crime family.

Patrick Phillips

Latest Discussions»Latest Breaking News»OxyContin maker braces fo...