A Hearing to Consider Confirmation of the Chapter 11 Plan May Affect Your Rights.
Confirmation Hearing August 9, 2021.
NEW YORK, June 17, 2021 /PRNewswire/ -- The following statement is being issued by Prime Clerk* regarding the Purdue Pharma L.P. bankruptcy.
WHAT IS THIS ABOUT?
On June 3, 2021, as part of Purdue Pharma L.P.'s bankruptcy proceedings, the United States Bankruptcy Court for the Southern District of New York entered an order called the "Disclosure Statement Order" that:
(a) Authorized Purdue Pharma L.P. and its affiliated debtors and debtors in possession to solicit acceptances of the Fifth Amended Joint Chapter 11 Plan of Reorganization of Purdue Pharma L.P. and Its Affiliated Debtors, which includes (a) releases of any actual or potential claims against Sackler family members, and certain other individuals and related entities, relating to Purdue Pharma L.P. and its affiliated debtors (including Purdue prescription opioids, like OxyContin, or other prescription opioids manufactured or sold by Purdue); and (b) an injunction requiring that certain claims against the released parties be asserted only against trusts established under the plan;
(b) Approved the Disclosure Statement for Fifth Amended Joint Chapter 11 Plan for Purdue Pharma L.P. and Its Affiliated Debtors as containing "adequate information" pursuant to section 1125 of the Bankruptcy Code;
(c) Approved the solicitation materials and documents to be included in solicitation packages; and
(d) Approved procedures for soliciting, receiving, and tabulating votes on the plan and for filing objections to the plan.
The Court will consider confirmation of the plan at the Confirmation Hearing.
WHEN IS THE HEARING?
The Confirmation Hearing will be held on August 9, 2021, at 10 a.m., prevailing Eastern Time, before the Honorable Robert D. Drain, in the United States Bankruptcy Court for the Southern District of New York, located at 300 Quarropas Street, White Plains, New York 10601-4140. The hearing will be conducted via Zoom videoconference for those who will be participating in the Confirmation Hearing1 if General Order M-543 is still in effect or unless otherwise ordered by the Bankruptcy Court.
The Confirmation Hearing may be extended and rescheduled by the Court or the Debtors without further notice by an agenda filed with the Court, and/or by a Notice of Adjournment filed with the Court and delivered to all parties who are entitled to notice.
WHAT ARE YOUR OPTIONS?
Vote on the Plan: Your vote must be submitted so it is actually received on or before July 14, 2021, at 4:00 p.m., prevailing Eastern Time. Detailed instructions on how to vote are available at PurduePharmaClaims.com or by calling (844) 217-0912 (toll free) or (347) 859-8093 (international). Failure to follow instructions properly may disqualify your vote.
Object to the Plan: An objection must be submitted so that it is actually received on or before July 19, 2021, at 4:00 p.m., prevailing Eastern Time. Detailed instructions on how to file an objection are available at PurduePharmaClaims.com or by calling (844) 217-0912 (toll free) or (347) 859-8093 (international).
Allowance Request: If you believe that you hold a claim against Purdue Pharma L.P. that is not currently entitled to vote but that you believe should be entitled to vote, you can request the allowance of such claim for voting purposes. To do so, you must file a motion with the Court on or before July 19, 2021, at 4:00 p.m., prevailing Eastern Time. Detailed instructions on how to file an allowance request are available at PurduePharmaClaims.com or by calling (844) 217-0912 (toll free) or (347) 859-8093 (international).
If the plan is confirmed, anyone with an actual or potential claim against Purdue Pharma L.P. or any of its affiliated debtors, or with an actual or potential claim against Sackler family members, and certain other individuals and related entities, relating to Purdue Pharma L.P. and its affiliated debtors (including Purdue prescription opioids, like OxyContin, or other prescription opioids manufactured or sold by Purdue), will be bound by the terms of the plan, including the releases and injunctions contained therein.
This is only a summary. For more information:
Please be advised that Prime Clerk LLC is authorized to answer questions about, and provide additional copies of, solicitation materials, but may not advise you as to whether you should vote to accept or reject the plan or provide any legal advice.
1 Parties or members of the public who wish to participate in the Confirmation Hearing should consult the Court's calendar with respect to the day of the Confirmation Hearing at https://www.nysb.uscourts.gov/calendars/rdd.html for information regarding how to be added as a participant. Members of the public who wish to listen to, but not participate in, the Confirmation Hearing free of charge may do so telephonically at a number to be provided on the Debtors' case website at: PurduePharmaClaims.com.
