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Purdue Pharma To Remain In Business Through Bankruptcy Proceedings

Toby Talbot
Associated Press

A judge has cleared the way for OxyContin maker Purdue Pharma to stay in business while it pursues bankruptcy protection and settlement of more than 2,600 lawsuits filed over the opioid crisis. 

Lawyers for the Stamford-based company secured permission Tuesday for the company to maintain business as usual.

That includes paying employees and vendors, supplying pills to distributors, and keeping current on taxes and insurance.

Purdue Pharma declared bankruptcy late Sunday. Its continued viability is key to the company's settlement offer.

Under the proposal, the family that owns Purdue would turn the company over to a trust controlled by the very entities that are suing it. Only about half the states support the offer, which could be worth up to $12 billion over time.

Connecticut is among the states that have rejected the settlement, and say they will continue to pursue the personal wealth of Purdue Pharma's controlling family, the Sacklers.

The Associated Press is one of the largest and most trusted sources of independent newsgathering, supplying a steady stream of news to its members, international subscribers and commercial customers. AP is neither privately owned nor government-funded; instead, it's a not-for-profit news cooperative owned by its American newspaper and broadcast members.

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