Purdue seeks short exclusivity extension to complete negotiations

By Sarah Lizee

Olympia, Wash., Feb. 16 – Purdue Pharma, LP is seeking a two-week extension of its exclusive period to file a Chapter 11 plan, according to a motion filed Saturday with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the company is asking the court to extend the plan filing period through March 1 from Feb. 15. As previously reported, the solicitation period runs through May 17.

The company said it is in the middle of discussions with key constituencies with the goal of putting forth a value-maximizing plan with as broad creditor support as feasible.

Purdue said the brief extension is essential to enable these negotiations to continue.

Purdue Pharma is a Stamford, Conn.-based drug manufacturer. It filed for Chapter 11 bankruptcy on Sept. 15, 2019 under case number 19-23649.

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