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Greenbrier County approves participation in Purdue bankruptcy plan and Sackler agreement
Summary
Outside counsel told the commission that two separate approvals were required for the county to receive direct settlement payments tied to the Purdue bankruptcy; commissioners voted to approve the bankruptcy plan and the Sackler participation agreement.
The Greenbrier County Commission voted to approve two actions enabling the county to participate in direct settlement payments tied to national opioid litigation.
Outside counsel Britt told commissioners that Purdue Pharma has filed for Chapter 11 bankruptcy and that local jurisdictions must approve the bankruptcy plan and a related Sackler participation agreement in order to receive settlement funds. "Because Purdue has filed for chapter 11, bankruptcy, litigants are, creditors in the bankruptcy proceeding," Britt said, summarizing the legal steps required.
The commission considered the two actions as separate motions. A commissioner moved to approve the Purdue bankruptcy plan; the motion carried by voice vote. The commission then moved to approve the Sackler participation agreement as presented by outside counsel; that motion also passed by voice vote.
No roll-call vote counts were recorded in the transcript; motions were approved by general assent. The actions, as described by outside counsel, enable the county to participate in the settlement framework incorporated into the bankruptcy plan and to receive any direct settlement payments allotted to participating local governments.
The commission moved on to other agenda items after approving both measures.
