Endo International shares tumble after report of bankruptcy filing

Endo International

12/07/2022 20:34

** Endo International's shares  ENDP.O  fall as much as
27.5% to 37 cents
    ** Shares drop on WSJ report that the drugmaker is
considering filing for Chapter 11 bankruptcy without first
reaching agreements with junior creditors and opioid plaintiffs
    ** Report says ENDP's move is a means to restructure its
$8.1 billion of debt and thousands of outstanding lawsuits,
citing people familiar with the matter (https://on.wsj.com/3AEAutc)
    ** Endo, which has been weighed down by litigation over the
opioid epidemic in the United States, has discussed the
possibility of filing for bankruptcy protection in several
public filings 
    ** Last month, ENDP missed a $38 million interest payment,
amid talks with a group of unsecured bondholders lobbying to
keep the company out of bankruptcy  urn:newsml:reuters.com:*:nL1N2YH1MB
    ** OxyContin-maker Purdue Pharma and Mallinckrodt  MCDG.MU ,
a generic opioid manufacturer, are other pharmaceutical
companies that have filed for Chapter 11 to address opioid
claims
    ** Including session losses, stock is down 89% this year

 (Reporting by Nandhini Srinivasan in Bengaluru)
 ((Nandhini.srinivasan@thomsonreuters.com))