In an apparent victory for Purdue Pharma, preliminary voting shows most creditors are in favor of its controversial bankruptcy plan, an outcome that, if confirmed, suggests the company and its infamous owners are closer to resolving sweeping litigation filed over its role in the opioid crisis.
More than 95% of the 120,000-plus votes submitted were in favor of the bankruptcy proposal and nearly 97% of almost 5,000 state and local governmental creditors voted to accept the plan, according to a statement issued by the company that cited a court filing. It is not clear how many were entitled to vote but did not, though. The final tally will be made public by Aug. 2, ahead of a scheduled hearing in a U.S. bankruptcy court to confirm the proposal.
“This is an unprecedented expression of support for a restructuring of this size and complexity, in favor of a plan that will provide needed resources to those affected by the opioid crisis,” said Purdue chairman Steve Miller in the statement. “The preliminary voting results demonstrate a broad consensus among every organized creditor group in these proceedings.”
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