ENDP - Endo files for Chapter 11 bankruptcy; in restructuring support agreement with creditors

• Endo International ( NASDAQ: ENDP ) has filed for Chapter 11 bankruptcy in New York as part of a restructuring support agreement (RSA) with the pharma company's first lien debt holders.
• Earlier Tuesday, Bloomberg reported that creditors were looking at putting Endo ( ENDP ) up for sale through a bankruptcy proceeding.
• The RSA involves more than a majority of the first lien debt holders.
• The debtholder group has agreed to provide purchase consideration of ~$6B through a credit bid, as well as assuming some liabilities, for nearly all of Endo's ( ENDP ) assets.
• Endo ( ENDP ) noted that the "stalking horse" biud is subject to higher or better offers.
• The company has been plagued by more than $8B of debt as well as ongoing litigation related to its alleged role in the nation's opioid crisis .

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