Posts Tagged ‘Chapter 11’

Discontented, Destitute Cows: Borden is Bankrupt

January 8, 2020

Discontented, Destitute Cows: Borden is Bankrupt

Borden, the 163-year-old American dairy company, faces bankrupcy. Actually, in 1994 Borden was sold to private equity firm KKR, which skimmed off various Borden units and sold them. So far, Borden’s reorganization plan does not include selling Elsie the Cow for dogfood.

More:

“Borden Dairy becomes second major milk producer to file for bankruptcy in two months,” Rachel Siegel, Washington Post

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Purdue Pharma Succombs to Lawsuit Overdose

September 17, 2019

Purdue Pharma Succombs to Lawsuit Overdose

Purdue Pharma, the drug company that made billions pushing the prescripton opioid OxyContin, is dying of unnatural causes. The firm has filed for bankruptcy in an attempt to stave off responsibility for claiming its flagship pharmaceutical was nonaddictive, and aggressively marketing it to physicians. The firm is currently defending itself in 2,600 lawsuits blaming the company for the opioid epidemic that kills 130 American every day.

More:

“Purdue Pharma, drugmaker accused of fueling the opioid epidemic, files for bankruptcy,” Christopher Rowland, Washington Post

“OxyContin Maker Purdue Pharma Files for Bankruptcy to Wipe Out 2,000 Lawsuits,” Jef Feeley and Steven Church, Bloomberg

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Purdue Pharma: OxyContin Poisoning

March 6, 2019

Purdue Pharma: OxyContin Poisoning

The pill pushing firm behind the opioid epidemic is ODing on lawsuits.

“OxyContin maker Purdue Pharma LP is exploring filing for bankruptcy to address potentially significant liabilities from roughly 2,000 lawsuits alleging the drugmaker contributed to the deadly opioid crisis sweeping the United States, people familiar with the matter said on Monday.”

— “OxyContin maker Purdue Pharma exploring bankruptcy -sources,” Mike Spector, Jessica DiNapoli, Nate Raymond, Reuters

More:

“Report: Purdue Pharma exploring Chapter 11 bankruptcy filing,” Alaric DeArment, MedCityNews

“One of America’s richest families is accused of profiting from the nation’s opioid crisis,” Tony Marco, CNN

“Allegations Against the Maker of OxyContin Are Piling Up. Here’s What They Could Mean for the Billionaire Family Behind Purdue Pharma,” Jamie Ducharme, Time

Update:

“Oklahoma judge refuses to delay first trial of responsibility for opioid crisis,” Lenny Bernstein, Washington Post

Related:

“Doctor Who Wrote 1980 Letter On Painkillers Regrets That It Fed The Opioid Crisis,” Taylor Haney and Andrea Hsu, NPR

“Purdue Pharma taps a Gilded Age history of pharmaceutical fraud,” Jonathan S. Jones, The Conversation

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Image by Mike Licht. Download a free copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

Comments are welcome if they are on-topic, substantive, concise, and not boring or obscene. Comments may be edited for clarity and length.

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Freedom is Negligent, Goes Bankrupt

January 18, 2014

Freedom is Negligent, Goes Bankrupt

This may be the closest thing to good news coming out of West Virginia this week: Freedom Industries has filed for Chapter 11 bankruptcy protection.  But does the Elk River chemical spill mean we’ll finally get toughmeaningful regulation and inspection of chemical storage facilities? Probably not.

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