Latest news with #reorganization
Yahoo
18 hours ago
- Business
- Yahoo
Purdue Pharma L.P. Receives Court Approval of Disclosure Statement Filed in Connection with its Plan of Reorganization
Plan to deliver more than $7.4 billion of creditor distributions Company to begin creditor vote solicitation process; voting deadline set for September 30, 2025 STAMFORD, Conn., June 20, 2025--(BUSINESS WIRE)--Purdue Pharma L.P. ("Purdue") today announced that the United States Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court") approved the Company's disclosure statement for its Chapter 11 Plan of Reorganization. The disclosure statement provides creditors with detailed information on the terms of the Plan and will accompany the ballots that will be sent to the more than 600,000 claimants eligible to vote. The court has set a September 30 voting deadline and a November confirmation hearing. "Following the 2024 Supreme Court ruling, we doubled down on our commitment to work with our creditors to design a new Plan that delivers unprecedented value to those affected by the opioid crisis. Today's disclosure statement approval is a major milestone in that effort," said Purdue Board Chairman Steve Miller. "We and our creditors have worked tirelessly in mediation to build consensus and negotiate a settlement that will increase the total value provided to victims and communities, put billions of dollars to work on day one, and serve the public good. We sincerely thank our stakeholders for their dedication and collaboration, and we look forward to having the plan confirmed and consummated as quickly as possible." Purdue's Plan of Reorganization includes the following elements: Assuming full creditor participation, the Sacklers will make settlement payments of approximately $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. Purdue will contribute 100% of its assets, with an expected $900 million in cash available for distribution on the day of emergence. Notably, the Plan is the only opioid settlement to date that meaningfully compensates individual victims. Assuming full participation, individual victims will receive more than $850 million. In addition to this cash value, the Plan creates a new company with a public minded mission. The new company will provide millions of doses of lifesaving opioid use disorder treatment and overdose reversal medicines at no profit. The Sacklers, who exited the Board of Purdue by the end of 2018 and have had no involvement in Purdue since that time, will have no role whatsoever in the new company. Purdue Pharma L.P. will be liquidated following emergence. The Plan also provides a historic level of transparency. It creates a document repository that will make available to the public millions of documents, including privileged documents, related to Purdue's historical sales and marketing practices. The Plan does not contain third-party releases and fully complies with the Supreme Court's June 2024 decision in Harrington. The disclosure statement approved today provides the full details about the material aspects of the plan. The Plan is subject to confirmation by the Bankruptcy Court. This release is not intended as a solicitation of a vote on the Plan. About Purdue Pharma L.P. Purdue Pharma and its subsidiaries develop, manufacture and market medications to meet the evolving needs of healthcare professionals, patients, and caregivers. Purdue and its subsidiaries focus on balancing innovative science with clinically effective, compassionate care. The Company's goals are to serve patients who rely on its medicines, pursue public health initiatives intended to help abate the opioid crisis, advance its pipeline of branded and generic medications, and introduce medicines that will help save and improve lives. For more information, visit View source version on Contacts Media Contact: news@
Yahoo
3 days ago
- Business
- Yahoo
Pernod Ricard plans reorganization into two main brand divisions
-- Pernod Ricard (EPA:PERP) is planning to reorganize its business by grouping its brands into two main divisions, according to an internal presentation quoted by Reuters on Wednesday. The French spirits maker reportedly confirmed it had announced an "internal project to create a more agile and simplified organisation" when contacted about the matter. The company's streamlining effort appears aimed at creating a more efficient operational structure as it navigates the current challenging market environment Related articles Pernod Ricard plans reorganization into two main brand divisions Microsoft plans to cut thousands of jobs in sales division - Bloomberg BofA starts Sandisk at Buy on margin upside, NAND recovery prospects Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Washington Post
13-06-2025
- Politics
- Washington Post
Judge blocks State Department from firing workers while injunction is in effect
A federal judge in San Francisco on Friday stopped Secretary of State Marco Rubio from proceeding with plans to downsize the State Department, saying that it was prohibited behavior under an injunction she issued last month. U.S. District Judge Susan Illston barred the Republican administration from carrying out much of its plans to reorganize and slash departments while she hears a legal challenge brought by labor unions and others. She said that President Donald Trump had failed to seek Congressional cooperation to do so when he ordered government-wide cuts. But, in late May, the State Department notified Congress of an updated reorganization of the agency that would cut programs and personnel even more deeply than previously revealed. Rubio this week also ordered U.S. embassies to fire all remaining staffers with the U.S. Agency for International Development . He said the State Department will take over USAID's foreign assistance programs by Monday. The Trump administration said Rubio had launched a reorganization of the State Department independently of the president's directive and so was exempt. Illston, who was nominated to the bench by former President Bill Clinton, a Democrat, was not convinced. 'If the State Department has any question about whether planned actions fall within the scope of the Court's injunction, the Court ORDERS the Department to first raise those questions with the Court before taking action,' she wrote in an order issued Friday. ___
The Independent
13-06-2025
- Politics
- The Independent
Judge blocks State Department from firing workers while injunction is in effect
A federal judge in San Francisco on Friday stopped Secretary of State Marco Rubio from proceeding with plans to downsize the State Department, saying that it was prohibited behavior under an injunction she issued last month. U.S. District Judge Susan Illston barred the Republican administration from carrying out much of its plans to reorganize and slash departments while she hears a legal challenge brought by labor unions and others. She said that President Donald Trump had failed to seek Congressional cooperation to do so when he ordered government-wide cuts. But, in late May, the State Department notified Congress of an updated reorganization of the agency that would cut programs and personnel even more deeply than previously revealed. Rubio this week also ordered U.S. embassies to fire all remaining staffers with the U.S. Agency for International Development. He said the State Department will take over USAID's foreign assistance programs by Monday. The Trump administration said Rubio had launched a reorganization of the State Department independently of the president's directive and so was exempt. Illston, who was nominated to the bench by former President Bill Clinton, a Democrat, was not convinced. 'If the State Department has any question about whether planned actions fall within the scope of the Court's injunction, the Court ORDERS the Department to first raise those questions with the Court before taking action,' she wrote in an order issued Friday.
Associated Press
13-06-2025
- Politics
- Associated Press
Judge blocks State Department from firing workers while injunction is in effect
A federal judge in San Francisco on Friday stopped Secretary of State Marco Rubio from proceeding with plans to downsize the State Department, saying that it was prohibited behavior under an injunction she issued last month. U.S. District Judge Susan Illston barred the Republican administration from carrying out much of its plans to reorganize and slash departments while she hears a legal challenge brought by labor unions and others. She said that President Donald Trump had failed to seek Congressional cooperation to do so when he ordered government-wide cuts. But, in late May, the State Department notified Congress of an updated reorganization of the agency that would cut programs and personnel even more deeply than previously revealed. Rubio this week also ordered U.S. embassies to fire all remaining staffers with the U.S. Agency for International Development. He said the State Department will take over USAID's foreign assistance programs by Monday. The Trump administration said Rubio had launched a reorganization of the State Department independently of the president's directive and so was exempt. Illston, who was nominated to the bench by former President Bill Clinton, a Democrat, was not convinced. 'If the State Department has any question about whether planned actions fall within the scope of the Court's injunction, the Court ORDERS the Department to first raise those questions with the Court before taking action,' she wrote in an order issued Friday. ___
