Why OxyContin Maker Purdue Pharma is Still Bankrupt
STAMFORD – Three years ago this week, OxyContin maker Purdue Pharma filed for bankruptcy. Around this time a year ago, he had just gotten approval from a bankruptcy judge for a settlement plan. But today, his bankruptcy remains unfinished.
Given the complexity and litigation of the bankruptcy of Stamford-based Purdue – which is trying to settle several thousand lawsuits brought against the company over its alleged role in the national opioid crisis – a protracted process was inevitable. Even after resolving long-running disputes with states such as Connecticut, uncertainty remains over when the bankruptcy will end, further heightening concerns over when settlement funds will finally be disbursed to help fight. against an incessant epidemic.
“There have been risks in a bankruptcy process with so many creditors, plaintiffs and states,” Connecticut Attorney General William Tong said in an interview. “I hear from victims and survivors of opioids, and they are concerned that there are always risks in this process. There have always been risks in this process.