Texas Attorney General Ken Paxton has announced that Purdue Pharma filed its estimated $7 billion bankruptcy plan, which places the value of the company into a trust set up to allocate funds toward opioid abatement efforts across the nation.
"For years, my office has aggressively worked to hold Purdue Pharma accountable for its reckless contributions to the opioid crisis," Paxton said. "Countless lives have been destroyed and derailed by the nationwide opioid crisis, but today's bankruptcy plan is a sustainable, transparent solution with necessary accountability measures in place."
According to Paxton's office, Texas is a leader on a committee in this bankruptcy.
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The committee is negotiating these abatement dollars that includes additional amounts in excess of a billion dollars from the Sackler family, which owned Purdue.
This brings a total of $4.275 billion of family earnings into the bankruptcy estate and will end the Sackler family's hold on the opioid industry, Paxton's office said.
"We hope that communities can begin turning Purdue dollars into new treatment facilities, educational programs, foster homes, and much more by the start of 2022," Paxton said. "And while victims of the opioid crisis heal, I will continue pursuing other companies to hold them accountable and recover resources for Texans."