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U.S. bankruptcy judge approves Purdue Pharma's $7 million executive bonus plan

By Maria Chutchian (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...
U.S. bankruptcy judge approves Purdue Pharma's $7 million executive bonus plan © Reuters. 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

By Maria Chutchian

(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 U.S. 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 https://www.reuters.com/business/healthcare-pharmaceuticals/judge-rule-purdue-pharma-bankruptcy-plan-that-shields-sacklers-2021-09-01 of opioid-related litigation.

The judge said repeatedly during Monday’s hearing that he does not consider the incentive payments “bonuses” because even if they are paid out in full, the executives would still only fall in the middle of the total compensation range for executives at major pharmaceutical companies. The incentive payments, he said, are essentially part of the executives’ salaries, he added.

“It’s easy — too easy in fact — to say that an incentive program is always a bonus,” Drain said.

“No doubt my ruling will be construed by some as authorizing large bonuses to executives. I do not believe that is in fact the case here,” he added. “A bonus is something you get over and above median compensation.”

He rejected an argument from the U.S. Department of Justice’s bankruptcy watchdog, the U.S. Trustee, that Purdue failed to show that the 2021 incentive plan is truly incentivizing, rather than a bonus for executives who are simply showing up to work. The U.S. Trustee frequently objects to bonuses for executives of companies that are in bankruptcy.

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27-09-2021 21:01:13 (UTC+7)

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 EUR/USD1.1701↑ Buy
 GBP/USD1.3717↑ Buy
 USD/JPY110.82↑ Sell
 AUD/USD0.7281↑ Buy
 USD/CAD1.2648↑ Sell
 EUR/JPY129.68↑ Sell
 EUR/CHF1.0838↑ Sell
 Gold1,755.75↑ Buy
 Silver22.810↑ Buy
 Copper4.3025↑ Buy
 Crude Oil WTI75.72↑ Buy
 Brent Oil79.00↑ Buy
 Natural Gas5.520Buy
 US Coffee C194.07↑ Buy
 Euro Stoxx 504,168.45↑ Buy
 S&P 5004,444.50Neutral
 DAX15,587.85↑ Buy
 FTSE 1007,065.75↑ Buy
 Hang Seng24,208.78↑ Buy
 Small Cap 20002,270.60↑ Buy
 IBEX 359,004.50Neutral
 BASF64.790Neutral
 Bayer47.34Buy
 Allianz196.02Buy
 Adidas278.62Neutral
 Lufthansa6.449↑ Buy
 Siemens AG147.36↑ Buy
 Deutsche Bank AG11.084Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,665/ 5,715
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SJC HCM5,635/ 5,700
(0/ 0) # 885
SJC Hanoi5,635/ 5,702
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SJC Danang5,635/ 5,702
(0/ 0) # 887
SJC Nhatrang5,635/ 5,702
(0/ 0) # 887
SJC Cantho5,635/ 5,702
(0/ 0) # 887
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