September 19, 2019
Purdue Pharma LP, a Stamford, Connecticut-based pharmaceutical company, obtained a Canadian recognition order of its US Chapter 11 proceedings on September 19. The company's most prominent product is its opioid pain medication, OxyContin. The company has been named in more than 2,600 lawsuits filed throughout the US state and federal court systems. The lawsuits allege that the company acted improperly in the marketing and sale of OxyContin and is responsible for fueling an opioid addiction crisis in the United States. In Canada, Purdue is also subject to over 10 class-action lawsuits. The company has sought bankruptcy protection in an attempt to find a global resolution of the existing claims against it. The company is proposing a settlement that involves, among other things, a $3.0 billion contribution from the company's shareholders and the transfer of the company's business and assets into a trust for the benefit of claimants and the US public. EY was appointed information officer. Canadian counsel is Stikeman Elliott for Purdue, Torys for the information officer, BLG for certain affiliated Purdue Canadian entities and Paliare Roland for the Sackler families.