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Endo Weighing Chapter 11 Filing Before Junior Creditors, Opioid Settlements: Report

Endo International Plc (NASDAQ:ENDP) is considering bankruptcy filing to restructure its more than $8 billion of debt and several…
byVandana Singh
July 13, 2022
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  • Endo International Plc (NASDAQ:ENDP) is considering bankruptcy filing to restructure its more than $8 billion of debt and several outstanding lawsuits without a deal with opioid plaintiffs, the Wall Street Journal reported, citing people familiar with the matter.
  • The company has been negotiating with secured creditors since it failed to make interest payments owed to its junior bondholders last month, the report mentioned.
  • Related: What Is Happening With Endo Shares Today?
  • Endo has been trying to settle roughly 3,500 lawsuits it faces from state & local governments and healthcare providers. 
  • The company has denied wrongdoing with its Opana opioid product sales, which it stopped selling in 2017.
  • Endo is in a grace period through the end of July following its interest payment miss, after which the failure to pay would result in default.
  • Also Read: Endo Shares Plummet On Decreasing Sales, Wider Loss; Outlook Lagging Consensus.
  • The report noted that a group of junior bondholders recently urged Endo not to file for bankruptcy, stating several possible transactions, such as a bond swap, would enable Endo to restructure its obligations outside chapter 11.
  • Price Action: ENDP shares are up 0.68% at $0.41 during the premarket session on the last check Wednesday.
 
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