Purdue Pharma Lays Out Case for $7.4 Billion Bankruptcy Plan

Purdue Pharma LP, leaning into overwhelming creditor support, began a multi-day trial for bankruptcy court approval of a $7.4 billion opioid liability settlement plan negotiated after a prior version was overturned by the US Supreme Court.

Purdue’s proposal to end its six-year bankruptcy should be approved so that compensatory and opioid abatement funding can begin, company attorneys said at a hearing Wednesday in the US Bankruptcy Court for the Southern District of New York.

The plan would pay billions to communities and individuals with claims stemming from the company’s production and marketing of addictive painkillers.

The OxyContin manufacturer spent more ...