Endo International Files for Chapter 11 in Southern New York

Endo International has entered into a restructuring support agreement and filed for Chapter 11 proceedings in the Southern District of New York, according to a statement.

• Estimated liabilities: $1b-$10b; estimated assets: $1b-$10b
• Some Endo subsidiaries also filed for bankruptcy
  • Company’s India-based entities are not part of the proceedings
  • Expects to file recognition proceedings in Canada, UK and Australia
• Says restructuring pact with more than a majority of Endo’s first lien debt on a sale transaction would substantially reduce outstanding indebtedness, address remaining opioid and other litigation-related claims
• Debtholder group to provide total purchase consideration of ~$6b in the form of ...