Purdue Pharma denied the allegations and held settlement negotiations with plaintiffs. Sources told Reuters that the pharmaceutical company has not made a final decision regarding the bankruptcy filing.
Purdue Pharma says it has “ample liquidity”
“As a privately-held company, it has been Purdue Pharma’s longstanding policy not to comment on our financial or legal strategy. We are, however, committed to ensuring that our business remains strong and sustainable. We have ample liquidity and remain committed to meeting our obligations to the patients who benefit from our medicines, our suppliers and other business partners,” it said in a statement.
In August, Purdue Pharma sought the advice of law firm Davis Polk & Wardwell LLP regarding restructuring. Its action ignited concerns that the pharmaceutical company might seek bankruptcy protection before court trials.
In court filing on February 22 in Oklahoma, the pharmaceutical company said, “Purdue is still here – ready, willing and eager to prove in this Court that the State’s claims are baseless.” Its statement suggests that it will continue to fight the litigations and may not file for bankruptcy protection.
