Purdue Pharma Gets Court Nod for Bankruptcy Exit, Sackler Deal

Purdue Pharma LP won court approval to exit bankruptcy, capping six years of legal wrangling over a multibillion-dollar settlement and liability releases for the opioid manufacturer’s Sackler family owners.

Judge Sean H. Lane said he will sign off on Purdue’s Chapter 11 plan during a hearing Friday in the US Bankruptcy Court for the Southern District of New York. The plan contemplates an estimated $7.4 billion in payments to address nationwide harm caused by the mass marketing and production of addictive painkillers.