The Sackler family could give up its ownership of Purdue Pharma and up to $4.5 billion of their own money, as one possible settlement option over the more than 2,000 lawsuits filed against their company, a source says
The source said the Sacklers would no longer own Purdue Pharma and pay $3 billion out of pocket, plus up to another $1.5 billion dependent on the sale of the company. In this framework, Purdue's bankruptcy claim is being contemplated as a strategy to preserve the value of the company and pay out as many settlements as possible, the source added.Purdue Pharma, which manufactures OxyContin, is at the center of the opioid crisis in America.
According to the letter, the Sacklers have rejected two proposals, which included a payment of $4.5 billion to creditors and the states. No counter offers were given. The attorneys general from Tennessee and North Carolina also write they expect Purdue Pharma to file for bankruptcy protection"imminently.
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