Bankruptcy judge approves Purdue Pharma's $7 million executive bonus plan

FILE PHOTO: A pharmacist holds a bottle OxyContin made by Purdue Pharma, at a pharmacy in Provo, Utah, U.S., May 9, 2019. REUTERS/George Frey/File Photo

(Reuters) – Purdue Pharma, the bankrupt maker of the OxyContin painkiller, on Monday obtained court approval to pay up to $7.1 million in incentive payments for five top executives if they meet certain goals, despite opposition from government lawyers.

U.S. Bankruptcy Judge Robert Drain in White Plains, New York signed off on the executive incentive plan at the conclusion of a virtual hearing.

His ruling comes about two weeks after he said he will approve Purdue’s reorganization plan, which rests on a $10 billion settlement of opioid-related litigation.

Source: Read Full Article