bankruptcy

"We will now commence the process of satisfying all outstanding requirements for Purdue to emerge from bankruptcy so that resources from the settlements can flow to communities across America as quickly as possible," he said.

Bankruptcy Court in the Southern District of New York marks the probable end of the longest and costliest corporate bankruptcy case stemming from the U.S. opioid crisis.

His tenure followed a nearly two-decade tumultuous stretch for the insurance conglomerate that included near bankruptcy, multiple management changes and the selling off of crown jewels to repay one of the U.S. government’s biggest bailouts.

Nearly two dozen chains and large restaurant-operating groups have filed for bankruptcy this year, according to BankruptcyData.com, which analyzed delinquencies from public companies and those with large liabilities.

The stoppage meant a large number of them, including small and medium sized businesses, were also forced to shut some or all of their operations – prompting warnings of potential bankruptcies.