Province, Inc. to Serve as FA to UCC Purdue Pharma Inc.
Oct. 1, 2019 (LAS VEGAS) – Province, Inc. (“Province”) has been appointed as Financial Advisor to the Unsecured Creditors Committee in the bankruptcy filing of Purdue Pharma Inc. (“Purdue Pharma”). Purdue Pharma is best known as the makers of the prescription painkiller OxyContin.
The company along with its subsidiaries sought Chapter 11 protection Sept. 15, 2019, filing a voluntary petition in the United States Bankruptcy Court for the Southern District of New York.
Purdue Pharma released a statement announcing the settlement agreement and settlement structure aimed to address the opioid crisis following the lawsuits against the company. According to the statement, seeking Chapter 11 protection was needed to “finalize and implement the settlement agreement.”
“Our entire team at Province has been preparing for this bankruptcy for a long time, and we are extremely excited to be serving as financial advisor to the UCC on a case with such national importance,” said Michael Atkinson, Province’s principal leading the case. “Opioids have had a widespread impact on families and communities across the country and have created a public health crisis. We are humbled to have been selected to play a role in helping to bring a positive resolution to so many that have been affected.”
About Province, Inc.
Province is a nationally recognized financial advisory firm specializing in corporate and creditor advisory, forensic and dispute resolutions, and trustee-related services. The firm creates exceptional value to debtors, trustees and creditor committees across a wide array of sectors by providing solutions to some of the most complex business challenges imaginable.