Purdue Pharma Offers Restructuring Plan, Sackler Family Would Give Up Ownership

Under a bankruptcy plan filed late Monday night, Purdue Pharma would pay roughly $500 million in cash up front to settle hundreds of thousands of injury claims linked to the company's role in the deadly opioid epidemic.

The company said additional payments would be spread over the next decade, including installments on roughly $4.2 billion promised by members of the Sackler family who own the firm.

No fixed schedule was provided for when most of those disbursements would occur, though Purdue Pharma predicted as much as $1 billion in additional payouts would happen by 2024.

Two dozen state attorneys general immediately rejected the plan.

They issued a joint statement describing Purdue as a "criminal enterprise" and demanded more money up front to help communities affected by opioid addiction to pay for treatment and public health services.

"What the Sacklers are offering is a way for the payments to be structured that makes it convenient for them," said Massachusetts Attorney General Maura Healey.