Bankruptcy Law News

Purdue Makes Third Request for More Time to File Ch. 11 Plan

Dec. 2, 2020, 9:52 PM

Purdue Pharma LP says it needs more time to resolve issues surrounding litigation against the company’s billionaire owners before it can file its Chapter 11 plan.

The company needs time to mediate potential claims or causes of action against the Sackler family and related parties, and to figure out how to structure and govern the reorganized company after the Sacklers turn over ownership, according to a motion filed Tuesday with the U.S. Bankruptcy court for the Southern District of New York.

Purdue asked to extend its deadline to file its reorganization plan from Dec. 10 to Feb. 15, 2021. It...

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