OxyContin maker Purdue Pharma LP won court approval to spend as much as $6.8 million building out the trusts underpinning its bankruptcy plan despite an ongoing appeal of the deal.
Setting up the trusts now, ahead of the plan going effective, could get cash to creditors “months” faster than waiting for the appeal to play out, Eli Vonnegut of Davis Polk & Wardwell said in a bankruptcy hearing Monday
The personal injury trust, for example, requires building a claims database, an online portal and claims forms, which takes time and money
Purdue still won’t be disbursing the funds until the ...
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