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Council authorizes city manager to sign ballot accepting Purdue Pharma Chapter 11 plan
Summary
The council authorized the city manager to sign a ballot accepting the Purdue Pharma Chapter 11 bankruptcy plan, allowing the city to preserve a claim as an unsecured creditor that may be distributed through state administration of opioid settlement funds.
The Hutchinson City Council voted Aug. 19 to authorize the city manager to sign a ballot accepting the Purdue Pharma Chapter 11 bankruptcy plan, putting the city in the pool of unsecured creditors that may receive distributions from the structured settlement.
Paul Brown, city attorney, explained the background: Purdue Pharma and the Sackler family proposed a bankruptcy plan that would effectively reorganize and surrender company assets; the matter has already…
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