March 13, 2019 / 4:50 PM / 7 days ago

Purdue Pharma CEO says company considering bankruptcy - Washington Post

March 13 (Reuters) - Purdue Pharma’s Chief Executive Officer Craig Landau said the company is considering bankruptcy, the Washington Post reported on Wednesday, as the OxyContin maker faces a slew of lawsuits alleging the drugmaker contributed to opioid epidemic sweeping the United States.

The company has not yet decided whether to file for bankruptcy, Landau said in an interview here with Washington Post, but it is something Purdue was weighing.

The CEO’s comments come a week after Reuters reported that the company was exploring filing for bankruptcy.

Filing for Chapter 11 protection would halt the lawsuits and allow Purdue to negotiate legal claims with plaintiffs under the supervision of a U.S. bankruptcy judge, sources told Reuters last week.

Purdue did not immediately respond to Reuters request for comment.

More than 1,600 lawsuits accusing Purdue and other opioid manufacturers of using deceptive practices to push addictive drugs that led to fatal overdoses are consolidated in an Ohio federal court. (Reporting by Manas Mishra in Bengaluru; Editing by Shailesh Kuber)

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