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Thread: OxyContin maker Purdue Pharma may declare bankruptcy

  1. #1
    Veteran Member grulla's Avatar
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    Default OxyContin maker Purdue Pharma may declare bankruptcy

    KATE GIBSON
    Kate Gibson
    MARCH 4, 2019

    Purdue Pharma is considering filing for bankruptcy as the OxyContin maker looks to limit its potential liabilities from lawsuits over the drugmaker's alleged role in the nation'sdeadly opioid epidemic, according to reports that cited people familiar with the matter.

    The company's move to consider a Chapter 11 filing, first reported by Reuters, highlights the financial overhang on the company from the mounting litigation based on claims it misled physicians and consumers about the dangers of using its prescription opioids.

    Declaring bankruptcy would stop the lawsuits and let Purdue, which is owned by the wealthy Sackler family, to work through legal claims under court supervision, sources told the wire service.

    Continue reading: https://www.cbsnews.com/news/purdue-...ng-bankruptcy/
    Last edited by grulla; 03-16-19 at 10:20 AM.

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    Default Re: OxyContin maker Purdue Pharma may declare bankruptcy

    Two thoughts: How convenient, to have a 'strong, sustainable business' and 'ample liquidity', according to a Purdue Pharma spokesperson, and yet be able to sue for bankruptcy if they so choose, to make that pesky litigation go away. How can that even be possible?

    Second, I'll bet a big motivator--maybe the main motivator--for considering bankruptcy is that they figure they'll get a lot less bad publicity, and bad press for OxyContin, by doing it this way. It would stop the lawsuits and allow them to work through legal claims under court supervision, which I'm guessing would generate much less publicity.

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    Administrator Islander's Avatar
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    Default Re: OxyContin maker Purdue Pharma may declare bankruptcy

    Typical corporate maneuver, to slither away from bad press and actual threats to their massive wealth. The Sackler family has its name slathered over all sorts of buildings to whose organization they donated millions. Hope this hits you where it hurts, Sacklers!
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    Veteran Member Mr. Wizard's Avatar
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    Default Re: OxyContin maker Purdue Pharma may declare bankruptcy

    Whatever the amount Purdue Pharma (the Sacklers) end up paying to settle litigation claims, it won't come close to compensating the families (and the communities) of the tens of thousands who have died from opioid overdoses.

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