Purdue Pharma Says Its Bankruptcy Deal Is Fairest to Creditors

Bloomberg2021-08-26

(Bloomberg) -- During the final day of argument in Purdue Pharma’s bankruptcy trial, lawyers for the OxyContin maker said its proposed $10 billion settlement of opioid claims is by far the best deal ...

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ProsperTTM
2021-08-26
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The fact that most U.S. states now support the deal rather than pushing to continue their own “speculative” lawsuits shows the deal is sufficient, he added.\n“Except for lawyers, nobody does better in a liquidation,” Huebner said. “No one has ever said ‘I know a better way where creditors get more,’ or ‘I know a better way where victims get more redress,’” he said of the plan.\nStill, about 10 state attorneys general are challenging the deal, arguing in large part that they should be able to sue Purdue’s owners, members of the billionaire Sackler family, regardless of the settlement. Purdue has said that wouldn’t work, because its owners are requiring broad legal immunity from opioid lawsuits in exchange for more than $4 billion of their own cash, and allowing some states to go forward would cause the entire settlement to unravel. 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