Purdue Pharma files new bankruptcy plan for $7.4 billion opioid settlement
CNN
Bankrupt drugmaker Purdue Pharma filed a new bankruptcy plan on Tuesday, a major step toward finalizing a proposed opioid settlement of at least $7.4 billion after a setback in the U.S. Supreme Court last year.
Purdue Pharma filed a new bankruptcy plan on Tuesday, a major step toward finalizing a proposed opioid settlement of at least $7.4 billion after a setback in the U.S. Supreme Court last year. The payments are aimed at resolving thousands of lawsuits alleging that the company’s pain medication OxyContin caused a widespread opioid addiction crisis in the United States. The headline figure had been previously flagged by Purdue and its owners, members of the wealthy Sackler family. The formal bankruptcy plan filed Tuesday, in White Plains, New York, fleshes out the settlement with new details about how the money will be allocated to states, local governments and individuals harmed by the crisis. The cash value of the plan assumes full creditor participation. Purdue said it expects widespread creditor support for the deal. The company plans to begin soliciting votes and opt-in decisions from its creditors in May. After that process is concluded, the plan would be submitted to a U.S. bankruptcy judge for final approval. The new bankruptcy plan was filed nine months after the U.S. Supreme Court upended the company’s previous attempt to resolve the lawsuits through a bankruptcy settlement that would have granted the Sacklers sweeping civil immunity from opioid lawsuits.
March has been a dizzying month for US markets. The S&P 500 just posted two days of back-to-back gains, but the benchmark index is still down almost 5% this month.
Volkswagen’s Audi luxury brand has announced it will cut thousands of jobs over the next few years, in the latest sign of trouble in Germany’s auto sector.
Americans are cutting back on Doritos, Goldfish and Hostess cakes. It’s not for their health, however – it’s a sign that even small indulgences have gotten too expensive for many to afford.
Officials in Beijing and Hong Kong spoke out Tuesday against a proposal to sell ports in the Panama Canal to a consortium led by BlackRock, sending shares in the Hong Kong-based conglomerate that owns the ports plummeting.
Markets are on the fritz, and investor sentiment has slumped into “extreme fear” territory.
Electric vehicle giant BYD unveiled a new charging system in China on Monday, intensifying already fierce competition in the world’s largest auto market and propelling it further ahead of rivals such as Tesla.
Hong Kong property magnate Lee Shau Kee, one of the city’s richest men, died on Monday at the age of 97, Henderson Land, the group that he founded, said in a statement.
The Trump administration filed a motion to extend two deadlines in U.S. Steel and Nippon Steel’s lawsuit against a U.S. national security panel to give the government more time to wrap up merger talks with the firms, a filing showed on Monday.
PepsiCo is buying Poppi, the popular prebiotic soda brand, in a $1.65 billion deal.
Spending at US retailers last month was much weaker than expected, in a troubling sign that the American shopper could be starting to tap out.
President Donald Trump’s tariff policies are slowing economic growth in the United States and around the world while sending prices higher again, creating a toxic stew for the global economy that could grow even worse if tensions escalate, the Organisation for Economic Co-operation and Development said Monday.
President Donald Trump has said he doesn’t intend to create exemptions from steel and aluminum tariffs and that additional sectoral, as well as reciprocal tariffs will be imposed on April 2.
China has announced a wide-ranging “special action plan” to promote domestic spending, in an effort to counter the economic impact of tariffs imposed by US President Donald Trump.