- Endo International ( NASDAQ: ENDP ) shares plunged ~20% Tuesday after The Wall Street Journal reported that the generic drugmaker is advancing towards a bankruptcy filing without reaching a settlement on opioid claims against the company.
- According to people familiar with the matter, despite years of negotiations with opioid claimants, Endo ( ENDP ) is weighing chapter 11 bankruptcy to restructure its over $8B of debt and thousands of outstanding lawsuits.
- Endo ( ENDP ) has been negotiating with a group of senior creditors after the company missed interest payments to junior bondholders last month, the people said, adding that the management expects to reach a deal with them before near-term bankruptcy process starts.
- However, a bankruptcy filing is unlikely if the company inks agreements with junior bondholders and opioid plaintiffs, the people said, noting that the situation could change. Endo ( ENDP ) declined to comment.
For further details see:
Endo weighs bankruptcy filing without opioid settlement - WSJ