Purdue Pharma’s bankruptcy deal fair to creditors

Seeking justice: Family and friends who have lost loved ones to OxyContin and opioid overdoses leave pill bottles in protest outside the headquarters of Purdue Pharma in Stamford. — AP

NEW YORK: During the final day of argument in Purdue Pharma’s bankruptcy trial, lawyers for the OxyContin maker said its proposed US$10bil (RM42bil) settlement of opioid claims is by far the best deal for creditors.

Seeking to convince US bankruptcy judge Robert Drain that Purdue’s proposal is better than a liquidation of the business and free-for-all litigation stampede against itself and its owners, Marshall Huebner of Davis Polk & Wardwell, said the plan would deliver at least US$5.5bil (RM23.1bil) of cash to creditors.