1 min
August 05, 2020 - Biz in 60 Business in 60 Seconds
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- Business
US seeks $18.1B from opioid-maker Purdue Pharma
The US Justice Department is seeking as much as 18-point-1 billion dollars from opioid maker, Purdue Pharma, as part of its bankruptcy restructuring plan. The payout would settle criminal and civil investigations into the OxyContin maker over its role in fueling the US opioid epidemic. Last year, the company filed for bankruptcy protection to halt more than 2-thousand lawsuits.
Virgin Atlantic files for bankruptcy protection in the US
Virgin Atlantic has filed for bankruptcy protection in the United States, as it looks to survive the coronavirus crisis. The deal will shield the airline's assets in the country while it seeks approval from creditors for its 1-and- a-half billion dollar rescue plan. Meanwhile, sister company, Virgin Australia will lay off a-third of its workforce in a bid to reduce costs.
BMW, Honda report quarterly losses as pandemic hits sales
Carmakers BMW and Honda swung to losses in the April-June quarter as the pandemic hammered vehicle sales. Germany's BMW booked a net loss of 250-million- dollars in the period, compared to a profit of 1-point-7 billion dollars a year ago. The Japanese automaker, Honda, reported a net loss of 765-million- dollars, marking its biggest quarterly loss in a decade.
US seeks $18.1B from opioid-maker Purdue Pharma
The US Justice Department is seeking as much as 18-point-1 billion dollars from opioid maker, Purdue Pharma, as part of its bankruptcy restructuring plan. The payout would settle criminal and civil investigations into the OxyContin maker over its role in fueling the US opioid epidemic. Last year, the company filed for bankruptcy protection to halt more than 2-thousand lawsuits.
Virgin Atlantic files for bankruptcy protection in the US
Virgin Atlantic has filed for bankruptcy protection in the United States, as it looks to survive the coronavirus crisis. The deal will shield the airline's assets in the country while it seeks approval from creditors for its 1-and- a-half billion dollar rescue plan. Meanwhile, sister company, Virgin Australia will lay off a-third of its workforce in a bid to reduce costs.
BMW, Honda report quarterly losses as pandemic hits sales
Carmakers BMW and Honda swung to losses in the April-June quarter as the pandemic hammered vehicle sales. Germany's BMW booked a net loss of 250-million- dollars in the period, compared to a profit of 1-point-7 billion dollars a year ago. The Japanese automaker, Honda, reported a net loss of 765-million- dollars, marking its biggest quarterly loss in a decade.
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