Endo Files For Chapter 11 Bankruptcy Protection

(RTTNews) - 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.