Drugmaker Endo files for bankruptcy, lenders to take control (updated)

Endo International

17/08/2022 05:20

(Adds details, background)
    Aug 16 (Reuters) - Endo International Plc  ENDP.O  filed for
bankruptcy protection on Tuesday that will allow some of the
U.S. drugmaker's lenders to take control in a $6 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 $1 billion to $10 billion.
    Endo also reached a deal with U.S. state attorneys general
to provide $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.
 urn:newsml:reuters.com:*:nL1N2YH1MB
    In June, the drugmaker missed a $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.
    
    

 (Reporting by Jahnavi Nidumolu and Shubham Kalia in Bengaluru;
Editing by Neha Arora, Rashmi Aich and Sriraj Kalluvila)
 ((Jahnavi.Nidumolu@thomsonreuters.com;))