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Stricken Endo Eyes $6bn Debt Cut With Bankruptcy Filing And Restructuring

As Company Pens Nationwide Agreement-In-Principle To Settle US Opioid Claims

 
• By Dean Rudge

A group of Endo debtholders are looking to buy the firm out of bankruptcy, with an initial $6bn bid for the stricken firm that envisions setting aside more than half-a-billion dollars for opioid-related claims. Meanwhile, Endo has reached an agreement-in-principle to resolve opioid-related claims.

Bankruptcy Closeup Concept. American Dollars Cash Money,3D rendering. Bankruptcy at Dollar Banknote. Financial USA money banknote Commercial money investment profit concept - Illustration
Endo will use collateral to fund day-to-day operations • Source: Shutterstock

With $8bn of long-term debt on its balance sheet, fierce generic competition to its biggest-selling brand, and hundreds of millions in potential opioid-related legal claims hanging over it, Endo has filed for Chapter 11 bankruptcy proceedings in the US, providing a potential lifeline to the former serial deal maker that has been overwhelmed by its alleged involvement in the US opioid epidemic.

At the same time, holders of “more than a majority” of its first lien debt – those creditors entitled to be paid back first – have committed to buying substantially all of Endo’s assets for approximately $6bn in debt forgiveness, in the form of

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