It was an unhappy reunion yesterday, 9 July, in the Southern District of New York bankruptcy court when Purdue Pharma and its myriad of creditors met for the first time following the Supreme Court decision on 27 June that vacated the company’s confirmed plan.

The hearing was scheduled after the company requested a status conference to discuss next steps and a possible path forward for the company. In the days leading up to the hearing, the company requested an extension of the preliminary injunction prohibiting lawsuits against non-debtor entities, including the Sackler family, and also requested the appointment of co-mediators to assist in formulating a new plan, while the official committee of unsecured creditors filed a motion requesting standing to pursue estate causes of action against the Sackler family and related entities. The committee estimates those potential causes of action to be worth approximately $11.5bn in cash and property held by the Sackler family.