Previously at the epicenter of the U.S. opioid crisis, Purdue Pharma is looking to reenter the public lexicon as a new public benefit company. After a prior bankruptcy settlement was nixed by the Supreme Court, the drugmaker has come back with a new plan that would deliver more than $7.4 billion to its creditors.

The company hopes to emerge from the Chapter 11 bankruptcy process it entered in 2019 with a new reorganization plan, filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York. The plan lays out more than $7.4 billion in payments to compensate opioid victims and “abate the opioid crisis,” Purdue said in a press release.

That $7.4 billion sum includes available company cash and payments by the Sacklers, the billionaire family who helmed the company until 2019.

The Sacklers committed $6.5 billion in payment installments over the next 15 years, including a $1.5 billion payment on the day the plan takes effect. The family could also contribute an extra $500 million if the international pharma business they’re required to sell yields certain proceeds.

Purdue, meanwhile, would add 100% of its assets to the pot, with an expected $900 million from the company immediately ready for distribution.

While around 140,000 people have made legal claims over alleged harm from Purdue’s opioid products, only about 10% of the total settlement amount would go to individual victims, CBS News reported, citing a recent status report filed by case mediators. The remaining 90% would go to other creditors, a massive class that includes insurance companies, pharmacy chains, thousands of hospitals and 48 states. 

The plan is subject to confirmation by the bankruptcy court, which is expected to hold a hearing in May. After a potential court approval, Purdue would solicit votes to finalize the plan.

Purdue expects that the “overwhelming majority” of its creditors will support the new plan as it comes after “many months” of meditation. 

“We and our creditors have worked tirelessly in mediation to build consensus and negotiate a settlement that will increase the total value provided to victims and communities, put billions of dollars to work on day one, and serve the public good,” Purdue’s board chairman Steve Miller said in a statement.

If the deal is approved, Purdue would continue on as a public benefit company that’s focused on improving public health and led by an independent, newly created foundation. The company will remain under a strict operating injunction and the Sacklers will continue to have no role in the company.

The public benefit company status is a mandate the U.S. Justice Department made when Purdue pled guilty in 2020 to a three-count felony charge tied to its misleading OxyContin marketing. Since then, the company has been making efforts to restore its public image and won an FDA approval last year for its emergency opioid overdose rescue treatment Zurnai, an nalmefene injection.

The Sacklers, meanwhile, previously promised a total settlement of $6 billion in a bankruptcy agreement that would have given the family immunity from civil lawsuits. That plan was foiled in 2023 with a high-profile Supreme Court rejection.