Drugmaker Purdue Pharma filed a new bankruptcy plan on Tuesday, marking a major step towards finalizing a proposed opioid settlement of $7.4 billion.
The maker of the powerful semi-synthetic opioid oxycodone—also marketed as OxyContin and by other names—filed a Chapter 11 reorganization plan and related disclosure statement with the U.S. Bankruptcy Court for the Southern District of New York.
According to a statement announcing the proposal, a new public benefit company “100 percent devoted to improving the lives of Americans,” would be created after Purdue is dissolved, and its assets transferred to the new company.
The Sackler family, which previously owned Purdue Pharma, would “have no ownership interest or role with the new company,” according to the statement, which noted family members have had no involvement in Purdue since the end of 2018….