bankruptcy News

Safety Board Says Corroded Pipe Led to Philadelphia Refinery Fire

NEW YORK, Oct 16 — An old, degraded piece of metal pipe that had not been tested for corrosion led to a June fire and explosions at the Philadelphia Energy Solutions oil refinery, the U.S. Chemical Safety and Hazard Investigation …

Purdue Judge Halts Government Opioid Suits Against Drugmaker

Purdue Pharma LP and its billionaire owners won a temporary reprieve from nearly 2,700 opioid lawsuits, giving the bankrupt drugmaker time to clinch a deal that would atone for its role in America’s addiction epidemic. U.S. Bankruptcy Judge Robert D. …

One Massive Blackout Is Over, Now California Braces for the Next

An unprecedented blackout that plunged millions of Californians into the darkness for days is over. And nobody can say when the next will hit. Even as PG&E Corp. declared an end to last week’s shutoffs — a deliberate move to …

Judge Strips PG&E of Exclusive Control Over Recovery Plan

California power giant PG&E Corp. was stripped of its right to exclusively pitch a reorganization plan in court, escalating an already-heated battle over the largest utility bankruptcy in U.S. history. The shares dropped more than 25% in after-hours trading. U.S. …

Cost of Opioid Crisis ‘Dwarfs’ Drugmakers’ Resources, N.Y. Says

The public cost of coping with the opioid crisis in the U.S. “dwarfs” the combined resources of the companies sued for allegedly causing the epidemic, including OxyContin maker Purdue Pharma LP, a lawyer for New York State told a judge. …

Purdue, Sacklers Seek to Use Bankruptcy as Shield From Suits

The first big fight in Purdue Pharma LP’s bankruptcy case is taking shape as states and cities across the U.S. challenge a request by the drug maker and its billionaire owners, the Sackler family, for an injunction to block lawsuits …

PG&E Attacks Rival Plan for Paying Fire Victims Before Insurers

PG&E Corp. and a group of insurers urged a judge to reject a competing reorganization plan for the bankrupt utility because the proposal would pay fire victims who lost their homes ahead of insurance companies and “unjustly enrich” bondholders including …

U.K. Launches Massive Tourist Airlift After Thomas Cook Collapse

The U.K. government deployed the “largest repatriation in peacetime history” to bring home more than 150,000 tourists stranded on overseas beaches and in vacation hotspots by the collapse of tour operator Thomas Cook Group Plc. The massive airlift, using chartered …

Purdue Opioid Deal May Be Worth Less Than Drugmaker Promised

Purdue Pharma LP’s deal to escape thousands of lawsuits over its role in the U.S. opioid crisis may provide less than half the $10 billion that the closely held drugmaker projected in its Chapter 11 filing, said three people familiar …

Viewpoint: Will Purdue’s Bankruptcy Engulf Its Owners?

The bankruptcy of Purdue Pharma LP lays bare a distinction that the internet is making it more and more difficult to maintain: that between a company and the people who own or founded it. The Sackler family owns Purdue Pharma, …