The judge overseeing the bankruptcy case for opioid-maker Purdue Pharma issued an order late Wednesday that will make sure the company and its ruling family, the Sacklers, continue paying employees, former employees and retirees. (No members of the Sackler family are employees.)
The company estimates it will pay about $26 million in wages and benefits, including bonuses, according to CNN. The actual payout earlier this year for calendar year 2018 was $33,290,000, according to court filings.
However, this order does not protect the billionaire Sackler family that has already been caught trying to hide a billion dollars overseas.
“Nothing in this order authorizes the debtors to advance and pay the legal costs of any member of the Sackler family, directly or indirectly,” the judge wrote in the order.
The final order will be decided on October 10 and the company hopes it will keep Purdue Pharma going through its legal battles.
“To preserve the full value of Purdue for the benefit of the American public, it is critical that the company’s day-to-day operations be protected. Purdue employees’ deep technical expertise and know-how are essential components of the company’s business. Retaining our talented and dedicated employees is a key determinant of the company’s future value,” Purdue Pharma’s lawyers said. “The company continues to operate as a lean organization, having downsized its workforce by over 65% since 2017.”
Purdue Pharma says that it will contribute hundreds of millions, maybe even billions, of dollars to fight the opioid epidemic that has rocked the country.
Purdue estimates after bankruptcy filings are complete, it will provide more than $10 billion in funding to address the opioid crisis. That will include settlements with 24 state attorneys general, five US territories and attorneys in the multi-district litigation, CNN reported.