Purdue Pharma Gets OK For $22M Worker Bonus Program
By Rick Archer (July 29, 2021, 7:49 PM EDT) -- A New York bankruptcy judge Thursday gave Purdue Pharma the go-ahead to pay up to $22.1 million in retention bonuses to midlevel workers, rejecting calls to delay the decision until after next month's Chapter 11 plan confirmation hearing.
Following a virtual hearing, U.S. Bankruptcy Judge Robert Drain approved the employee retention payments over the objections of federal bankruptcy watchdogs and state attorneys general, who had argued he should wait until after the board of directors changeover that will happen if he approves Purdue's Chapter 11 reorganization plan.
"We should not leave the new board with the fait accompli of a material...
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