Purdue Pharma files re-organization plan; CT, other states reject proposal
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Purdue Pharma is headquartered at 201 Tresser Blvd., in downtown Stamford, Conn.Frank Franklin II / Associated Press
STAMFORD Bankrupt OxyContin maker Purdue Pharma filed Tuesday a re-organization plan, which it said would provide billions of dollars to tackle the opioid crisis but Connecticut and nearly two-dozen other states panned that proposal, arguing for changes such as a greater contribution from the company’s owners.
The Stamford-based firm’s new plan consists of the main terms that it has proposed, since filing for Chapter 11 protection in September 2019, for settling the approximately 3,000 lawsuits consolidated in its bankruptcy case. It values its proposal at more than $10 billion, and the vast majority of the proceeds would be allocated for efforts to respond to a national opioid epidemic that is resulting in tens of thousands of deaths every year.
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1of24A woman disinfects the handrails of the main dock gangway on Alcatraz Island in San Francisco, Monday, March 15, 2021. The historic island prison was reopened to visitors Monday after being closed since December because of the coronavirus threat. Visitors were also able to tour the inside of the main cell house for the first time in a year.Eric Risberg/APShow MoreShow Less
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1of24A woman disinfects the handrails of the main dock gangway on Alcatraz Island in San Francisco, Monday, March 15, 2021. The historic island prison was reopened to visitors Monday after being closed since December because of the coronavirus threat. Visitors were also able to tour the inside of the main cell house for the first time in a year.Eric Risberg/APShow MoreShow Less
2of24People wearing face masks to protect against the spread of the coronavirus visit at Yasukuni shrine in Tokyo, Monday, March 15, 2021.Koji Sasahara/APShow MoreShow Less