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Purdue Board Probe Gets Approval; Mallinckrodt Kicks Off Plan Vote
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Good day. The judge presiding over Purdue Pharma's bankruptcy authorized an examiner's probe, but he yelled at the law professor who made the request throughout the approximately five-hour hearing. Another opioid maker, Mallinckrodt, is on track to exit chapter 11 later this year.
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PHOTO: GEORGE FREY/REUTERS
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Purdue Probe Will Examine Board Committee’s Independence
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A New York bankruptcy judge has authorized a review of the independence of a Purdue Pharma LP board committee from the Sackler family members who own the OxyContin maker and have agreed to pay roughly $4.28 billion to resolve lawsuits accusing it of fueling the opioid epidemic.
The judge said the request for an examiner had “sadly misled” the public by questioning without evidence the independence of the court and lawyers working on the chapter 11 case. Read More.
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Mallinckrodt Prepares to Poll Creditors on Bankruptcy Exit Plan
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Drugmaker Mallinckrodt PLC is preparing to poll creditors on a bankruptcy reorganization plan that proposes settling thousands of opioid lawsuits for $1.6 billion, keeping the company on track to exit chapter 11 later this year. Read More.
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Federal Reserve officials discussed an eventual reduction, or tapering, of the central bank’s bond-buying program, Chairman Jerome Powell said in a press conference Wednesday.
PHOTO: FEDERAL RESERVE
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Fed Pencils In Earlier Interest-Rate Increase
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Federal Reserve officials signaled they expect to raise interest rates by late 2023, sooner than they anticipated in March, as the economy recovers rapidly from the effects of the pandemic and inflation heats up. Read More.
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U-Haul Co. of West Virginia Files for Bankruptcy
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U-Haul Co. of West Virginia said it has filed for bankruptcy after facing challenges in recent years including management turnover, a lack of enough self-storage locations and litigation costs that resulted in declining cash flow and liquidity. The company, which serves do-it-yourself moving and self-storage customers in West Virginia and small parts of Kentucky, Virginia and Ohio, said it filed for chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of West Virginia. The company said it is negotiating terms of reorganization plan with U-Haul International Inc., which is expected to give a substantial capital infusion. — Dow Jones Newswires
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Ohio House Votes to Expel Former Speaker Larry Householder
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The Ohio House of Representatives on Wednesday voted to expel former speaker Larry Householder, who is facing charges that he and others took $60 million in bribes to prop up a failing utility. Read More.
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A federal bankruptcy judge says he expects to issue an order this week on a motion to sanction the Michigan Department of Attorney General for distributing confidential records related to Detroit’s 2013 bankruptcy mediation to attorneys for those charged with crimes related to the Flint water crisis. (MLive.com)
CWT, one of the world’s largest business travel managers, skipped a debt payment as it begins negotiating with creditors, according to people with knowledge of the matter. (Bloomberg)
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