Purdue Pharma L.P.

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Case overview

Case Number:

7:19-bk-23649

Court:

New York Southern

Nature of Suit:

Firms

Companies

Government Agencies

Sectors & Industries:

July 29, 2021
Purdue Pharma Gets OK For $22M Worker Bonus Program

A New York bankruptcy judge Thursday gave Purdue Pharma the go-ahead to pay up to $22.1 million in retention bonuses to midlevel workers, rejecting calls to delay the decision until after next month's Chapter 11 plan confirmation hearing.
July 27, 2021
Purdue Pharma Reports Glowing Vote Results For Ch. 11 Plan

Bankrupt OxyContin maker Purdue Pharma said Tuesday it had achieved widespread support among voting creditors for its Chapter 11 plan, saying more than 95% of the 120,000 votes submitted are in favor of its proposal.
July 20, 2021
Examiner Clears Sacklers Of Influencing Purdue's Board

An examiner appointed in the Chapter 11 case of drugmaker Purdue Pharma LP told a New York bankruptcy court late Monday that the company's board acted independently of the Sackler family when it proposed a $4.5 billion settlement with the owners that forms the basis of its bankruptcy plan.
July 19, 2021
US Trustee Flags Sacklers' Release, Atty Fees In Purdue Plan

The U.S. Trustee's Office on Monday objected to Purdue Pharma's proposed Chapter 11 plan, pointing to the "extraordinarily broad release" of the Sackler family from opioid crisis-related claims and up to $500 million in attorney fees "without court oversight and approval."
July 16, 2021
Bankruptcy Cases To Watch In The Second Half Of 2021

Though the pace of new bankruptcy cases slowed in the first half of 2021, the proceedings of large and complex cases continue to wind their way through the nation's insolvency courts. Here, Law360 gives a preview of what to expect for the remainder of 2021 in significant pending cases.
July 12, 2021
US Trustee Calls For Hold On $29M In Purdue Bonuses

The U.S. Trustee's Office on Monday asked a New York bankruptcy judge to reject Purdue Pharma's request to pay up to $29 million in employee bonuses, saying that with the company possibly on the verge of reorganization the issue should be put on hold.
June 30, 2021
Reps Urge DOJ To Deny Sacklers Releases In Purdue Ch. 11

Two members of the House Committee on Oversight and Reform urged Attorney General Merrick Garland to oppose confirmation of the Chapter 11 plan of drugmaker Purdue Pharma, saying granting releases to the company's ownership would be incompatible with the U.S. Department of Justice's position on non-debtor releases.
June 29, 2021
Bankrupt Purdue Pitches $5.39M Exec Payment Plan

Purdue Pharma asked a New York bankruptcy court Monday to approve the OxyContin drugmaker's 2021 employee incentive and retention plans, which propose to pay its top five executives up to $5.39 million this year, with its general counsel receiving a seven-figure pay package.
June 16, 2021
Examiner With Narrow Scope Approved In Purdue Ch. 11

A New York bankruptcy judge begrudgingly approved the appointment of an examiner in the Chapter 11 case of OxyContin maker Purdue Pharma LP on Wednesday, saying he was doing so only because the baseless allegations included in the examiner motion needed to be addressed publicly.
June 14, 2021
Purdue Hits Back At Creditor's Motion For Ch. 11 Examiner

Bankrupt OxyContin maker Purdue Pharma LP attacked a creditor's motion seeking the appointment of a Chapter 11 examiner, telling a New York judge that the creditor's arguments that the debtor's owners steamrolled the company into accepting a $4.5 billion settlement are baseless and would threaten the debtor's proposed Chapter 11.

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