Purdue Pharma Files New Chapter 11 Plan of Reorganization (1)

Purdue Pharma has filed a Chapter 11 Plan of reorganization with the US Bankruptcy Court for the Southern District of New York, according to a statement.

• Sacklers to contribute approximately $6.5 billion–$7 billion, $1 billion more than under previous plan
• Cash value of the plan, assuming full creditor participation and net of certain reserves, is about $7.4 billion, including available cash from Purdue and payments by the Sacklers
• Sacklers will contribute about $6.5 billion in installments over the next 15 years, subject to certain reserves
  • They will pay $1.5 billion on the day the plan becomes effective
• Upon emergence, Purdue ...