Purdue Pharma Offers Restructuring Plan, Sackler Family Would Give Up Ownership
Under a bankruptcy plan filed late Monday, the OxyContin maker would pay $500 million up front, promising billions in future payments. Twenty-four states rejected the proposal.
Under a bankruptcy plan filed late Monday night, Purdue Pharma would pay roughly $500 million in cash up front to settle hundreds of thousands of injury claims linked to the company's role in the deadly opioid epidemic.
The company said additional payments would be spread over the next decade, including installments on roughly $4.2 billion promised by members of the Sackler family who own the firm.
No fixed schedule was provided for when most of those disbursements would occur, though Purdue Pharma predicted as much as $1 billion in additional payouts would happen by 2024.
