Drugmaker Endo files for bankruptcy, lenders to take control

Wednesday, 17 Aug 2022 12:40 PM MYT

NEW YORK, Aug 17 ― Endo International Plc filed for bankruptcy protection yesterday that will allow some of the US drugmaker’s lenders to take control in a US$6 billion (RM26.8 billion) deal, after the company struggled with litigation over its alleged role in the country’s opioid epidemic.

The company’s Chapter 11 bankruptcy filing in the Southern District of New York showed assets and liabilities in the range of US$1 billion to US$10 billion.

Endo also reached a deal with US state attorneys general to provide US$450 million over a period of 10 years, according to the office of Massachusetts AG.

The company has been discussing the possibility of filing for bankruptcy protection in several recent filings.

In June, the drugmaker missed a US$38 million interest payment, amid discussions with a group of unsecured bondholders who had urged the company to avoid filing for bankruptcy.

Tuesday’s settlement is joined by the attorneys general of Arizona, Colorado, Illinois, Indiana, Michigan and Minnesota, among others. ― Reuters