Purdue Pharma Files New Chapter 11 Plan in Bankruptcy Case (1)

Purdue Pharma LP has filed a new Chapter 11 plan with the US Bankruptcy Court for the Southern District of New York, pledging it will give creditors including US states and other parties more than $7.4 billion of cash to compensate victims of the opioid crisis.

A new public benefit company will be created after Purdue is dissolved and its assets transferred, according to a statement Wednesday. The Sackler family, which owns Purdue, will no longer have ownership interest or a role with the new firm, it added.

Assuming full creditor participation, the Sacklers will contribute approximately $6.5 billion in ...