Latest news with #Chapter11PlanofReorganization
Yahoo
30-05-2025
- Business
- Yahoo
FTX Commences Second Distribution of More than $5 Billion to Convenience and Non-Convenience Classes
Customers in Second Distributions Expected to Receive Funds within 1-3 Business Days Subsequent Record and Payment Dates to be Announced in Due Course WILMINGTON, Del., May 30, 2025 FTX Trading Ltd. (d/b/a. and the FTX Recovery Trust (collectively "FTX") today announced that FTX has commenced the distributions of recoveries to holders of allowed claims in FTX's Convenience and Non-Convenience Classes that have completed the pre-distribution requirements (the "Second Distribution"), consistent with FTX's Chapter 11 Plan of Reorganization (the "Plan"). Eligible creditors should expect to receive funds from their selected distribution service provider (a "Distribution Service Provider"), either Bitgo or Kraken, within 1 to 3 business days from May 30, 2025. Subsequent record and payment dates will be announced in due course. In the Second Distribution, in accordance with the waterfall priorities set forth in the Plan: Allowed Class 5A Dotcom Customer Entitlement Claims are receiving a 72% distribution; Allowed Class 5B U.S. Customer Entitlement Claims are receiving a 54% distribution; Allowed Classes 6A General Unsecured Claims and 6B Digital Asset Loan Claims are each receiving a 61% distribution; and Allowed Class 7 Convenience Claims are receiving a 120% distribution. John J. Ray III, Plan Administrator of the FTX Recovery Trust, said: "Today's announcement represents continued progress returning cash to FTX's customers and creditors. I am proud of the outstanding success of the recoveries to date. Our work continues on recovering more for creditors and resolving outstanding claims." To be eligible to receive a distribution on subsequent distribution dates, customers and other creditors must complete the following prior to the distribution record date: Login to the FTX Customer Portal ( (applicable to customers). Complete required Know Your Customer ("KYC") verification. Submit the required tax forms. Onboard with either BitGo or Kraken, FTX's Distribution Service Providers. FTX will provide instructions for onboarding with each of the Distribution Service Providers on the existing FTX Customer Portal. Phishing Advisory Reminder Please remain aware of phishing emails that may look like they are from FTX and scam sites from channels that may appear to look like the FTX Customer Portal ( This is another reminder that FTX will never ask you to connect your wallets. Additional Information U.S. Bankruptcy Court filings, including the Plan and other documents related to the Court proceedings, are available at FTX Digital Markets Ltd. ("FTX DM") will be separately communicating distribution information for customers who have elected to have their claims administered by FTX DM. Advisors FTX is represented by Sullivan & Cromwell LLP as legal counsel and are assisted by Alvarez & Marsal North America, LLC as financial advisor, Perella Weinberg Partners LP as investment banker, Quinn Emanuel Urquhart & Sullivan, LLP as special counsel and Landis Rath & Cobb LLP as Delaware counsel. View original content to download multimedia: SOURCE FTX Sign in to access your portfolio
Yahoo
20-05-2025
- Business
- Yahoo
GOL Receives U.S. Court Approval for Plan of Reorganization
Company to Emerge from United States Chapter 11 Process with Strengthened Competitive Position, Balance Sheet and Operational Performance New US$ 1.9 Billion Exit Financing Facility Provides Ample Cash to Support Strategic Execution Following Emergence Expects to Complete Chapter 11 Process in June 2025 SíO PAULO, May 20, 2025 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. (B3: GOLL4) ("Company" or "GOL"), one of the leading airlines in Brazil, today announced that the U.S. Bankruptcy Court has decided to confirm GOL's Chapter 11 Plan of Reorganization (the "Plan"). With confirmation secured, GOL remains on track to emerge from its restructuring process in early June 2025. Throughout the course of its United States Chapter 11 process, GOL has made significant strides forward in improving its competitive position, financial foundation and operational performance. Key milestones of the process included: Securing US$ 1 billion in debtor-in-possession ("DIP") financing, which bolstered liquidity and allowed GOL to re-invest in its aircraft fleet; Negotiating concession packages totaling US$ 1.1 billion from lessors covering all aircraft in GOL's fleet, including financial support to clear its maintenance backlog while also providing permanent savings on rent and end of lease obligations; Obtaining support from Brazilian banks, including restructuring approximately US$ 150 million of local debentures and access to approximately US$ 340 million of receivables factoring, a critical working capital tool for Brazilian companies; Identifying and beginning implementation of a US$ 181 million annual profit improvement program to solidify GOL as one of the most cost competitive airlines in South America; Negotiating a Plan Support Agreement with Abra Group Limited ("Abra") and the Unsecured Creditors Committee to deleverage GOL through a reduction of up to approximately US$ 1.6 billion of prepetition funded debt and up to US$ 0.8 billion of other obligations; Finalizing an agreement with the Brazilian governmental authorities to reduce unpaid government taxes, contingencies, and other liabilities by approximately US$ 750 million and to generate approximately US$ 184 million of liquidity through 2029; Reaching an agreement with The Boeing Company on modifications of the purchase contracts to provide US$ 262 million of concessions and incremental liquidity through 2029 and over US$ 0.7 billion of total relief; and Securing US$ 1.9 billion in exit financing which provides ample liquidity to repay the Company's DIP maturity in full upon emergence, while also providing additional liquidity to support GOL's execution of its business plan. The Company is now positioned to emerge from the process with: Meaningfully strengthened balance sheet: Upon emergence, GOL will move forward with a strong liquidity position of approximately US$ 900M and significantly reduced leverage of 5.4x at exit, and projected net leverage of 2.9x by year-end 2027. Overhauled all-Boeing 737 fleet on track to return to pre-pandemic domestic capacity: In 2024, GOL overhauled over 50 engines and remains on track to have all aircraft in the air by the first quarter of 2026. The Company also continues to strengthen its fleet, with expected delivery of five additional Boeing 737 MAX in 2025. Positive business momentum built on recent outperformance: As a result of the fleet overhaul, in the fourth quarter of 2024 and first quarter of 2025, GOL's operational and financial performance has exceeded the expectations previously outlined in its 5-Year Plan, with strong and growing demand translating to 17.4% year-over-year recurring EBITDA growth and 19.4% year-over-year net revenue growth in the first quarter. GOL is entering its next phase with a strong market position and best-in-class customer offering as it continues to rebuild its network in key markets, serving 30 million passengers across 65 domestic destinations and 16 international destinations in 2024. Driven by its mission of being "First for All," GOL offers passengers the largest number of seats, more space between seats and the greatest onboard experience including internet, movies and live TV. Through its Smiles loyalty program, which is the largest loyalty program in Brazil and the second largest program in Latin America, GOL offers customers access to over 50 partner airlines, three co-branded credit card options and over 550,000 product options to redeem on non-travel partners. As the Company continues to execute its proven network expansion strategy, GOL is well-positioned to deploy its rebuilt capacity both domestically and internationally by leveraging its significant presence in key Brazilian hubs. In particular, its strategic global partnerships allow for adding new service profitably to new or underserved domestic and international routes. Next StepsHaving secured confirmation of its Plan, GOL is now focused on completing the final steps necessary to complete its exit from the Chapter 11 process, including its shareholders' meeting to approve the capital increase contemplated under the Plan, which will take place on May 30, 2025. Following implementation of the Plan, Abra will remain GOL's largest indirect shareholder. GOL reiterates that, under the terms of the Plan, it will significantly reduce its indebtedness by converting into equity or extinguishing up to approximately US$ 1.6 billion of its pre-Chapter 11 funded debt and up to approximately US$ 850 million of other obligations. As such, considering that the conversion will be carried out based on the economic value of GOL's shares prior to the conversion, in accordance with applicable law, a substantial dilution of GOL's currently outstanding shares is expected (subject to shareholders' preemptive rights as provided under Brazilian law). AdvisorsIn the context of its restructuring efforts, GOL is working with Milbank LLP as legal advisor, Seabury Securities, LLC as investment banker, lead placement agent for the US$ 1.9 billion exit notes, financial advisor and sole restructuring advisor, BNP Paribas Securities Corp. as bookrunner (B&D) and placement agent for the exit notes, and AlixPartners, LLP as financial advisor. In addition, Lefosse Advogados acts as GOL's Brazilian legal advisor. Special note regarding forward-looking statementsThis material fact contains certain forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. The words "will," "maintain", "plans" and "intends" and similar expressions, as they relate to GOL, are intended to identify forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. Undue reliance should not be placed on such statements. Forward-looking statements speak only for the date they are made. About GOL Linhas Aéreas Inteligentes is one of Brazil's leading airlines and is part of the Abra Group. Since it was founded in 2001, the company has had the lowest unit cost in Latin America, democratizing air transport with the aim of "Being the First for All". GOL has alliances with American Airlines and Air France-KLM and offers customers more than 60 codeshare and interline agreements, making connections to any place served by these partnerships more convenient and easier. GOL also has the Smiles loyalty program and GOLLOG for cargo transportation, which serves various regions in Brazil and abroad. The company has 14,5 thousand highly qualified professionals focused on safety, GOL's number one value, and operates a standardized fleet of 139 Boeing 737 aircraft. The Company's shares are traded on B3 (GOLL4). For further information, visit GOL Media Contacts U.S. Joele Frank, Wilkinson Brimmer Katcher: Leigh Parrish / Jed Repko lparrish@ / jrepko@ South America In Press Porter Novelli gol@ GOL Investor Relations ir@ View original content to download multimedia: SOURCE GOL Linhas Aéreas Inteligentes S.A. Sign in to access your portfolio
Malaysian Reserve
20-05-2025
- Business
- Malaysian Reserve
GOL Receives U.S. Court Approval for Plan of Reorganization
Company to Emerge from United States Chapter 11 Process with Strengthened Competitive Position, Balance Sheet and Operational Performance New US$ 1.9 Billion Exit Financing Facility Provides Ample Cash to Support Strategic Execution Following Emergence Expects to Complete Chapter 11 Process in June 2025 SíO PAULO, May 20, 2025 /PRNewswire/ — GOL Linhas Aéreas Inteligentes S.A. (B3: GOLL4) ('Company' or 'GOL'), one of the leading airlines in Brazil, today announced that the U.S. Bankruptcy Court has decided to confirm GOL's Chapter 11 Plan of Reorganization (the 'Plan'). With confirmation secured, GOL remains on track to emerge from its restructuring process in early June 2025. Throughout the course of its United States Chapter 11 process, GOL has made significant strides forward in improving its competitive position, financial foundation and operational performance. Key milestones of the process included: Securing US$ 1 billion in debtor-in-possession ('DIP') financing, which bolstered liquidity and allowed GOL to re-invest in its aircraft fleet; Negotiating concession packages totaling US$ 1.1 billion from lessors covering all aircraft in GOL's fleet, including financial support to clear its maintenance backlog while also providing permanent savings on rent and end of lease obligations; Obtaining support from Brazilian banks, including restructuring approximately US$ 150 million of local debentures and access to approximately US$ 340 million of receivables factoring, a critical working capital tool for Brazilian companies; Identifying and beginning implementation of a US$ 181 million annual profit improvement program to solidify GOL as one of the most cost competitive airlines in South America; Negotiating a Plan Support Agreement with Abra Group Limited ('Abra') and the Unsecured Creditors Committee to deleverage GOL through a reduction of up to approximately US$ 1.6 billion of prepetition funded debt and up to US$ 0.8 billion of other obligations; Finalizing an agreement with the Brazilian governmental authorities to reduce unpaid government taxes, contingencies, and other liabilities by approximately US$ 750 million and to generate approximately US$ 184 million of liquidity through 2029; Reaching an agreement with The Boeing Company on modifications of the purchase contracts to provide US$ 262 million of concessions and incremental liquidity through 2029 and over US$ 0.7 billion of total relief; and Securing US$ 1.9 billion in exit financing which provides ample liquidity to repay the Company's DIP maturity in full upon emergence, while also providing additional liquidity to support GOL's execution of its business plan. The Company is now positioned to emerge from the process with: Meaningfully strengthened balance sheet: Upon emergence, GOL will move forward with a strong liquidity position of approximately US$ 900M and significantly reduced leverage of 5.4x at exit, and projected net leverage of 2.9x by year-end 2027. Overhauled all-Boeing 737 fleet on track to return to pre-pandemic domestic capacity: In 2024, GOL overhauled over 50 engines and remains on track to have all aircraft in the air by the first quarter of 2026. The Company also continues to strengthen its fleet, with expected delivery of five additional Boeing 737 MAX in 2025. Positive business momentum built on recent outperformance: As a result of the fleet overhaul, in the fourth quarter of 2024 and first quarter of 2025, GOL's operational and financial performance has exceeded the expectations previously outlined in its 5-Year Plan, with strong and growing demand translating to 17.4% year-over-year recurring EBITDA growth and 19.4% year-over-year net revenue growth in the first quarter. GOL is entering its next phase with a strong market position and best-in-class customer offering as it continues to rebuild its network in key markets, serving 30 million passengers across 65 domestic destinations and 16 international destinations in 2024. Driven by its mission of being 'First for All,' GOL offers passengers the largest number of seats, more space between seats and the greatest onboard experience including internet, movies and live TV. Through its Smiles loyalty program, which is the largest loyalty program in Brazil and the second largest program in Latin America, GOL offers customers access to over 50 partner airlines, three co-branded credit card options and over 550,000 product options to redeem on non-travel partners. As the Company continues to execute its proven network expansion strategy, GOL is well-positioned to deploy its rebuilt capacity both domestically and internationally by leveraging its significant presence in key Brazilian hubs. In particular, its strategic global partnerships allow for adding new service profitably to new or underserved domestic and international routes. Next StepsHaving secured confirmation of its Plan, GOL is now focused on completing the final steps necessary to complete its exit from the Chapter 11 process, including its shareholders' meeting to approve the capital increase contemplated under the Plan, which will take place on May 30, 2025. Following implementation of the Plan, Abra will remain GOL's largest indirect shareholder. GOL reiterates that, under the terms of the Plan, it will significantly reduce its indebtedness by converting into equity or extinguishing up to approximately US$ 1.6 billion of its pre-Chapter 11 funded debt and up to approximately US$ 850 million of other obligations. As such, considering that the conversion will be carried out based on the economic value of GOL's shares prior to the conversion, in accordance with applicable law, a substantial dilution of GOL's currently outstanding shares is expected (subject to shareholders' preemptive rights as provided under Brazilian law). AdvisorsIn the context of its restructuring efforts, GOL is working with Milbank LLP as legal advisor, Seabury Securities, LLC as investment banker, lead placement agent for the US$ 1.9 billion exit notes, financial advisor and sole restructuring advisor, BNP Paribas Securities Corp. as bookrunner (B&D) and placement agent for the exit notes, and AlixPartners, LLP as financial advisor. In addition, Lefosse Advogados acts as GOL's Brazilian legal advisor. Special note regarding forward-looking statementsThis material fact contains certain forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. The words 'will,' 'maintain', 'plans' and 'intends' and similar expressions, as they relate to GOL, are intended to identify forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. Undue reliance should not be placed on such statements. Forward-looking statements speak only for the date they are made. About GOL Linhas Aéreas Inteligentes is one of Brazil's leading airlines and is part of the Abra Group. Since it was founded in 2001, the company has had the lowest unit cost in Latin America, democratizing air transport with the aim of 'Being the First for All'. GOL has alliances with American Airlines and Air France-KLM and offers customers more than 60 codeshare and interline agreements, making connections to any place served by these partnerships more convenient and easier. GOL also has the Smiles loyalty program and GOLLOG for cargo transportation, which serves various regions in Brazil and abroad. The company has 14,5 thousand highly qualified professionals focused on safety, GOL's number one value, and operates a standardized fleet of 139 Boeing 737 aircraft. The Company's shares are traded on B3 (GOLL4). For further information, visit GOL Media Contacts U.S. Joele Frank, Wilkinson Brimmer Katcher: Leigh Parrish / Jed Repko lparrish@ / jrepko@ South America In Press Porter Novelli gol@ GOL Investor Relations ir@
Yahoo
20-05-2025
- Business
- Yahoo
GOL Receives U.S. Court Approval for Plan of Reorganization
Company to Emerge from United States Chapter 11 Process with Strengthened Competitive Position, Balance Sheet and Operational Performance New US$ 1.9 Billion Exit Financing Facility Provides Ample Cash to Support Strategic Execution Following Emergence Expects to Complete Chapter 11 Process in June 2025 SíO PAULO, May 20, 2025 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. (B3: GOLL4) ("Company" or "GOL"), one of the leading airlines in Brazil, today announced that the U.S. Bankruptcy Court has decided to confirm GOL's Chapter 11 Plan of Reorganization (the "Plan"). With confirmation secured, GOL remains on track to emerge from its restructuring process in early June 2025. Throughout the course of its United States Chapter 11 process, GOL has made significant strides forward in improving its competitive position, financial foundation and operational performance. Key milestones of the process included: Securing US$ 1 billion in debtor-in-possession ("DIP") financing, which bolstered liquidity and allowed GOL to re-invest in its aircraft fleet; Negotiating concession packages totaling US$ 1.1 billion from lessors covering all aircraft in GOL's fleet, including financial support to clear its maintenance backlog while also providing permanent savings on rent and end of lease obligations; Obtaining support from Brazilian banks, including restructuring approximately US$ 150 million of local debentures and access to approximately US$ 340 million of receivables factoring, a critical working capital tool for Brazilian companies; Identifying and beginning implementation of a US$ 181 million annual profit improvement program to solidify GOL as one of the most cost competitive airlines in South America; Negotiating a Plan Support Agreement with Abra Group Limited ("Abra") and the Unsecured Creditors Committee to deleverage GOL through a reduction of up to approximately US$ 1.6 billion of prepetition funded debt and up to US$ 0.8 billion of other obligations; Finalizing an agreement with the Brazilian governmental authorities to reduce unpaid government taxes, contingencies, and other liabilities by approximately US$ 750 million and to generate approximately US$ 184 million of liquidity through 2029; Reaching an agreement with The Boeing Company on modifications of the purchase contracts to provide US$ 262 million of concessions and incremental liquidity through 2029 and over US$ 0.7 billion of total relief; and Securing US$ 1.9 billion in exit financing which provides ample liquidity to repay the Company's DIP maturity in full upon emergence, while also providing additional liquidity to support GOL's execution of its business plan. The Company is now positioned to emerge from the process with: Meaningfully strengthened balance sheet: Upon emergence, GOL will move forward with a strong liquidity position of approximately US$ 900M and significantly reduced leverage of 5.4x at exit, and projected net leverage of 2.9x by year-end 2027. Overhauled all-Boeing 737 fleet on track to return to pre-pandemic domestic capacity: In 2024, GOL overhauled over 50 engines and remains on track to have all aircraft in the air by the first quarter of 2026. The Company also continues to strengthen its fleet, with expected delivery of five additional Boeing 737 MAX in 2025. Positive business momentum built on recent outperformance: As a result of the fleet overhaul, in the fourth quarter of 2024 and first quarter of 2025, GOL's operational and financial performance has exceeded the expectations previously outlined in its 5-Year Plan, with strong and growing demand translating to 17.4% year-over-year recurring EBITDA growth and 19.4% year-over-year net revenue growth in the first quarter. GOL is entering its next phase with a strong market position and best-in-class customer offering as it continues to rebuild its network in key markets, serving 30 million passengers across 65 domestic destinations and 16 international destinations in 2024. Driven by its mission of being "First for All," GOL offers passengers the largest number of seats, more space between seats and the greatest onboard experience including internet, movies and live TV. Through its Smiles loyalty program, which is the largest loyalty program in Brazil and the second largest program in Latin America, GOL offers customers access to over 50 partner airlines, three co-branded credit card options and over 550,000 product options to redeem on non-travel partners. As the Company continues to execute its proven network expansion strategy, GOL is well-positioned to deploy its rebuilt capacity both domestically and internationally by leveraging its significant presence in key Brazilian hubs. In particular, its strategic global partnerships allow for adding new service profitably to new or underserved domestic and international routes. Next StepsHaving secured confirmation of its Plan, GOL is now focused on completing the final steps necessary to complete its exit from the Chapter 11 process, including its shareholders' meeting to approve the capital increase contemplated under the Plan, which will take place on May 30, 2025. Following implementation of the Plan, Abra will remain GOL's largest indirect shareholder. GOL reiterates that, under the terms of the Plan, it will significantly reduce its indebtedness by converting into equity or extinguishing up to approximately US$ 1.6 billion of its pre-Chapter 11 funded debt and up to approximately US$ 850 million of other obligations. As such, considering that the conversion will be carried out based on the economic value of GOL's shares prior to the conversion, in accordance with applicable law, a substantial dilution of GOL's currently outstanding shares is expected (subject to shareholders' preemptive rights as provided under Brazilian law). AdvisorsIn the context of its restructuring efforts, GOL is working with Milbank LLP as legal advisor, Seabury Securities, LLC as investment banker, lead placement agent for the US$ 1.9 billion exit notes, financial advisor and sole restructuring advisor, BNP Paribas Securities Corp. as bookrunner (B&D) and placement agent for the exit notes, and AlixPartners, LLP as financial advisor. In addition, Lefosse Advogados acts as GOL's Brazilian legal advisor. Special note regarding forward-looking statementsThis material fact contains certain forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. The words "will," "maintain", "plans" and "intends" and similar expressions, as they relate to GOL, are intended to identify forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. Undue reliance should not be placed on such statements. Forward-looking statements speak only for the date they are made. About GOL Linhas Aéreas Inteligentes is one of Brazil's leading airlines and is part of the Abra Group. Since it was founded in 2001, the company has had the lowest unit cost in Latin America, democratizing air transport with the aim of "Being the First for All". GOL has alliances with American Airlines and Air France-KLM and offers customers more than 60 codeshare and interline agreements, making connections to any place served by these partnerships more convenient and easier. GOL also has the Smiles loyalty program and GOLLOG for cargo transportation, which serves various regions in Brazil and abroad. The company has 14,5 thousand highly qualified professionals focused on safety, GOL's number one value, and operates a standardized fleet of 139 Boeing 737 aircraft. The Company's shares are traded on B3 (GOLL4). For further information, visit GOL Media Contacts U.S. Joele Frank, Wilkinson Brimmer Katcher: Leigh Parrish / Jed Repko lparrish@ / jrepko@ South America In Press Porter Novelli gol@ GOL Investor Relations ir@ View original content to download multimedia: SOURCE GOL Linhas Aéreas Inteligentes S.A. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19-03-2025
- Business
- Yahoo
Purdue Pharma asks bankruptcy judge to accept new settlement plan
Purdue Pharma has filed a new bankruptcy plan as part of a $7.4 billion settlement to resolve thousands of lawsuits over the company's alleged role in the opioid crisis, months after the Supreme Court blocked a prior deal. The bankrupt company announced Tuesday it had filed a Chapter 11 Plan of Reorganization in the U.S. Bankruptcy Court for the Southern District of New York. In June of last year, the Supreme Court blocked a settlement deal, finding that the Sackler family who previously controlled Purdue Pharma could not be released from liability under federal law, despite contributing $6 billion to the settlement. 'Following the 2024 Supreme Court ruling, we doubled down on our commitment to work with our creditors to design a new Plan that delivers unprecedented value to those affected by the opioid crisis. Today's filing is a major milestone in that effort,' Purdue Board Chair Steve Miller said in a statement. 'We and our creditors have worked tirelessly in mediation to build consensus and negotiate a settlement that will increase the total value provided to victims and communities, put billions of dollars to work on day one, and serve the public good,' Miller added. 'I sincerely thank our stakeholders for their dedication and collaboration, and I look forward to having the plan confirmed and consummated as quickly as possible.' In January, Purdue Pharma and the Sacklers agreed in principle to pay a $7.4 billion settlement to resolve the multitude of lawsuits, raising the settlement by an additional $1.4 billion. Tuesday's court filing expands on this plan. Purdue Pharma argued this reorganization is likely to succeed, writing, 'The Debtors' reorganization is plainly in the public interest and favored by a balancing of the harms. The Debtors' proposed plan will devote billions of dollars to public opioid abatement and creditor recoveries.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
