More than a dozen states have dropped their objections to OxyContin maker Purdue Pharma’s reorganization plan, edging the company closer to resolving its bankruptcy case.
More than a dozen states have dropped their longstanding objections to OxyContin maker Purdue Pharma’s reorganization plan, edging the company closer to resolving its bankruptcy case and transforming itself into a new entity that helps combat the U.S. opioid epidemic through its own profits.
The agreement from multiple state attorneys general, including those who had most aggressively opposed Purdue’s original settlement proposal, was disclosed late Wednesday night in a filing in U.S. Bankruptcy Court in White Plains, N.Y. It followed weeks of intense mediations that resulted in changes to Purdue’s original exit plan.
The new settlement terms call for Purdue to make tens of millions of internal documents public, a step several attorneys general, including those for Massachusetts and New York, had demanded as a way to hold the company accountable.
Attorneys general for both states were among the 15 who agreed to the new plan, joining about half the states that had previously approved it. Nine states and the District of Columbia did not sign on.