Bankrupt Endo Approved to Open Auction With $6 Billion Bid (1)

Endo International Plc won bankruptcy court approval to put its assets up for auction with a starting bid its by lenders worth more than $6 billion, clearing a major hurdle in its Chapter 11 case.

US Bankruptcy Judge James Garrity approved bidding procedures that would govern the sale of Endo’s assets late Tuesday, overruling objections from the US Trustee and a representative for potential future opioid claimants. They argued the proposed structure of the lenders’ offer, which is largely in the form of a credit bid, would stifle other, better offers.

Dublin-based Endo is one of several opioid manufacturers to ...