Equities

Reuters reveals OxyContin maker prepares 'free-fall' bankruptcy as settlement talks stall

Reuters reveals OxyContin maker prepares 'free-fall' bankruptcy as settlement talks stall

Reuters exclusively reported that OxyContin maker Purdue Pharma LP is preparing to seek bankruptcy protection before the end of the month if it does not reach a settlement with U.S. communities over widespread opioid litigation, after some states balked at the company’s $10 billion to $12 billion offer in August to end their lawsuits as part of a negotiated Chapter 11 case. Purdue faces more than 2,000 lawsuits from cities, counties and states alleging it helped fuel the U.S. opioid epidemic.