Purdue Pharma appoints new monitor under bankruptcy case

Purdue Pharma appoints new monitor under bankruptcy case

Purdue Pharma L.P. officials said the company has appointed former United States Agriculture Secretary and Iowa Gov. Tom Vilsack as Monitor in conjunction with its chapter 11 bankruptcy case.

The appointment stems from the voluntary self-injunction approved in November 2019. In its initial bankruptcy filings, Purdue voluntarily proposed to formalize its commitment to continue to refrain from engaging in certain promotional activities related to the sale of opioid products and immediately acceded to the Court’s suggestion of a monitor.

“The opioid crisis is a significant and urgent public health challenge, about which Purdue is deeply concerned,” Purdue CEO Craig Landau said. “Our company supports and welcomes the appointment of Secretary Vilsack as monitor, to further advance the goals of our settlement framework. Through the chapter 11 process, Purdue seeks to deliver in an expeditious manner more than $10 billion of value, including lifesaving medicines, to families and communities affected by the opioid crisis.”

The appointment agreement stipulates Vilsack, who has served as president and CEO of the U.S. Dairy Export Council (USDEC) since January 2017, will have access to Purdue’s employees, books, records and facilities and will provide quarterly reports to the Board of Directors and the Bankruptcy Court regarding compliance.