Endo Files For Chapter 11 Bankruptcy Protection

Endo International plc (ENDP) said Tuesday that the company and certain of its subsidiaries initiated voluntary prearranged Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York.

The company said that it has initiated the proceedings to facilitate sale process and provide an appropriate forum for bringing closure to opioid-related and other uncertainties without the need for continued costly, time-consuming litigation.

Endo stated that its India-based entities are not part of the Chapter 11 proceedings. The company expects to file recognition proceedings in Canada, the United Kingdom, and Australia.

Endo said it entered into a restructuring support agreement with holders of more than a majority of Endo's first lien debt on a sale transaction that would substantially reduce outstanding indebtedness, address remaining opioid and other litigation-related claims, and best position Endo for the future.

The debtholder group has committed to providing total purchase consideration of approximately $6 billion in the form of a credit bid, plus assumption of certain liabilities, for substantially all of the Company's assets.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Netflix, Inc. said it is adding a new feature to offer a more personalized mobile games experience on the platform. In a statement, Sophia Yang, Product Manager, Mobile Games, said the company is rolling out the ability to create game handles, with which members will be able to create a unique public username. This can be used across all Netflix games. General Motors Co. has delayed its plan to require employees to return to office many days a week until next year, reports said citing an internal memo signed by CEO Mary Barra. Last week, the company had announced that corporate workers would be required to return to respective offices at least three days a week, beginning later this year, as the COVID-19 pandemic eases. Ford Motor Co. is seeking a new trial in a Georgia court after a jury reached a $1.7 billion verdict in a lawsuit against the automotive major regarding a truck rollover accident, The Wall Street Journal reported. In the new court filings, Ford said it was unfairly precluded from providing evidence and thus defending against claims that its trucks were defective.
Follow RTT