Bankrupt Endo to Ditch Auction to Sell to Lenders for $6 Billion

Bankrupt opioid maker Endo International Plc plans to sell nearly all of its business assets to a group of lenders in exchange for wiping out about $6 billion debt owed, opting to abandon its auction process.

Earlier this year, Tensor Limited, which was formed by a group of Endo’s pre-bankruptcy first-lien lenders, submitted its credit bid as a stalking horse bidder.

Dublin-based Endo said in its Tuesday court filing that finding an offer that was better than Tensor’s auction-opening bid before the June 13 deadline for other bids wasn’t likely.

Tensor is an agent of a collateral trustee appointed by ...