Endo Bondholders to Offer Rival Bankruptcy Plan for Drugmaker

Drug manufacturer Endo International Plc should not be allowed to sell itself in bankruptcy unless lower-ranking creditors have a chance to propose a reorganization alternative, a lawyer for bondholders told the judge overseeing the company’s restructuring case.

Endo filed bankruptcy on Tuesday in Manhattan with a plan to sell itself at a court-supervised auction and to set up $550 million in trusts for communities who blame the company for its role in America’s opioid epidemic. The company has a deal with senior lenders, who have agreed to make the first bid at the auction. That proposal has the backing of ...