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With Lawsuits Looming, OxyContin Maker Considers Bankruptcy

March 14, 2019 / Geoff Mulvihill and Matthew Perrone

The company that has made billions selling the prescription painkiller OxyContin said Wednesday that it is considering legal options including bankruptcy, a move that could upend hundreds of lawsuits claiming it had a major role in causing the U.S. opioid drug crisis.
As the company has stated, it is exploring and preparing for any number of eventualities and options, given the amount of litigation the company currently faces, Purdue Pharma spokesman Robert Josephson said in an email to The Associated Press. A decision has not been made to file for bankruptcy, nor is there a timetable. Such a move has been seen as a strong possibility as the privately held company hired an executive and consultants that specialize in helping companies restructure in the past year.