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Purdue Mediators Report Settlements in Principle Among Key Case Constituencies

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Purdue Pharma co-mediator Shelley Chapman filed a mediator’s interim report in the Purdue cases indicating that substantial progress on multiple complex issues has occurred thus far in the mediation, culminating in an agreement in principle among: “(i) both of the B Side Sackler family groups; (ii) all but one of the A Side Sackler family groups; (iii) the Debtors; (iv) the Creditors’ Committee; (v) the Ad Hoc Committee; (vi) the MSGE Group; and (vii) the State Attorneys General negotiating committee (which presently has 15 members).”

The agreement pertains to: “(a) the total amount of cash consideration to be provided by the settling Covered Parties; (b) a schedule for the payment of such amount by the settling Covered Parties; and (c) certain non-monetary terms, including terms relating to (i) the means of implementation of any settlement; (ii) the scope and nature of the releases; and (iii) the resolution of various, but not all, intercreditor issues.”

Chapman says, “The agreements in principle reached to date are all subject to the satisfactory resolution of various open issues, as well as the documentation of all aspects of the settlement.” The co-mediators intend to file an updated status report prior to the next scheduled hearing before the court on Nov. 26, the report says.

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