Bankruptcy news from Madison, Wisconsin

//Bankruptcy news from Madison, Wisconsin

Bankruptcy news from Madison, Wisconsin

The last news I reported involved a bankruptcy filing by a business that is kind of local to Wisconsin, that being Shopko. Today, the news involves a New York company that has undoubtedly effected a lot of Wisconsinites, and for the worst. USA Today has reported that Purdue Pharma has filed for bankruptcy protection in White Plains, New York. Purdue Pharma, an opioid manufacturer, is facing lawsuits by virtually every state and 1000 local governments. Apparently, it is being sued by some 2500 plaintiffs across the country. The bankruptcy filing is interesting because it is reportedly being filed to avoid the huge legal costs associated with the protracted litigation, and to provide a structured mechanism to protect company assets which may be available to fund the plaintiff’s claims. Unlike bankruptcies filed by the Zaleski Law Firm here in Madison, Wisconsin, mostly Chapter 13 and Chapter 7 bankruptcies, this filing was under Chapter 11 of the bankruptcy code.

By | 2019-09-17T02:18:02+00:00 September 17th, 2019|Uncategorized|0 Comments

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