Judge Approves Restructuring Plan for Purdue Pharma

A federal bankruptcy judge is set to approve Purdue Pharma's restructuring plan, including a $7.4 billion settlement to resolve claims related to the opioid epidemic caused by drugs like OxyContin. The decision marks the conclusion of a lengthy bankruptcy process for the Stamford-based company, which started in 2019.

A federal bankruptcy judge announced plans to approve Purdue Pharma's restructuring, featuring a $7.4 billion settlement to address claims that the company contributed to the opioid crisis through addictive medications such as OxyContin.

Judge Sean Lane made this revelation during New York proceedings, aiming to finalize Purdue's Chapter 11 reorganization plan shortly.

This ruling concludes a prolonged bankruptcy journey for the Stamford-based pharmaceutical firm, which filed for bankruptcy protection in 2019.

(With inputs from agencies.)