Purdue Pharma Files for Bankruptcy

Video Credit: Wibbitz Top Stories
Published on September 16, 2019 - Duration: 01:43s

Purdue Pharma Files for Bankruptcy

Purdue Pharma Files for Bankruptcy .

The maker of OxyContin filed for Chapter 11 bankruptcy protection on Sunday.

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A tentative settlement was made last week with more than 2,000 local governments .

For Purdue Pharma's alleged role in fueling the opioid crisis.

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This settlement framework avoids wasting hundreds of millions of dollars and years on protracted litigation.

, Steve Miller, Purdue chairman, via statement.

And instead will provide billions of dollars and critical resources to communities across the country trying to cope with the opioid crisis.

, Steve Miller, via statement.

The Sackler family, which owns the company, will pay at least $3 billion in the settlement.

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They will also contribute revenue from future sales of OxyContin to communities affected by the opioid crisis.

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Purdue has not admitted any wrongdoing and does not intend to as part of the settlement.

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The resumption of litigation would rapidly diminish all the resources of the company and would be lose-lose-lose all the way around.

Whatever people might wish for is not on the table now.

, Steve Miller, via statement

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