Purdue Pharma eyes exclusivity extension to deal with ‘weighty topics’

By Caroline Salls

Pittsburgh, Jan. 13 – Purdue Pharma LP is seeking an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, Purdue is asking the court to extend its exclusive filing period by 180 days through July 13 from Jan. 13 and the solicitation period through Sept. 9 from March 13.

“These Chapter 11 cases are unprecedented in any number of ways, and the debtors have an immense amount of work to do in order to accomplish their transformation into a value- and health-maximizing public interest corporation,” the motion said.

Purdue said the months ahead will be focused on many “weighty topics,” including litigation, an emergency relief fund, allocation issues related to the categories of claimants asserting “massive claims” against the estates and building further consensus for the company’s settlement structure.

A hearing is scheduled for Jan. 24.

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

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