Ex-Agriculture Secretary Tom Vilsack named monitor on Purdue Pharma bankruptcy case
Purdue Pharma LP has announced that Tom Vilsack, a former Iowa governor and secretary of agriculture during the Obama administration, was named monitor under the voluntary self-injunction approved for the Stamford-based company”™s Chapter 11 bankruptcy case.
Vilsack, who is also president and CEO of the U.S. Dairy Export Council, will provide quarterly reports to the Bankruptcy Court and Purdue Pharma’s board on the company”™s compliance with the terms of the voluntary injunction. The company added that Vilsack will have full access to Purdue”™s employees, books, records and facilities.
“Our company supports and welcomes the appointment of Secretary Vilsack as monitor, to further advance the goals of our settlement framework,” Purdue CEO Craig Landau said. “Through the Chapter 11 process, Purdue seeks to deliver in an expeditious manner more than $10 billion of value, including lifesaving medicines, to families and communities affected by the opioid crisis.”
In addition, a White Plains federal bankruptcy court judge has approved the Oxycontin manufacturer”™s new three-year lease at its Stamford headquarters at 201 Tresser Blvd.
Purdue will lease about 104,000 square feet on the building”™s ninth and 10th floors. The company has occupied space at the building since 2000.
Purdue said it sought the ruling in the face of the need to decide by April 13 if it should accept an offer from the property”™s landlord to lease 425,000 square feet of space ”“ essentially all the available at 201 Tresser ”“ for 10 years.
The company issued a statement saying the three-year lease was decided to be preferable “after careful consideration, and to avoid the unnecessary expense and disruption that might have resulted from moving elsewhere.”
The company has about 200 employees in Stamford.