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Restructure Information
In March, Purdue Pharma L.P. filed a new Chapter 11 Plan of Reorganization and related disclosure statement with the United States Bankruptcy Court for the Southern District of New York. True to the vision Purdue articulated at the outset of the bankruptcy, a new public benefit company, 100% devoted to improving the lives of Americans, will be created upon emergence. In compliance with the Supreme Court’s 2024 ruling, the Plan does not contain non-consensual third-party releases. Instead, creditors will need to opt in to the settlement to receive their full settlement payments. Alternatively, creditors can preserve their right to take legal action against the shareholders if they do not opt in to the shareholder releases contained in the Plan. The current terms of the Plan and disclosure statement as filed can be viewed here. The Plan will be amended or supplemented from time to time and is subject to confirmation by the Bankruptcy Court.
