[ad_1]
Article content
Endo International Plc filed for bankruptcy protection on Tuesday that will allow some of the U.S. drugmaker’s lenders to take control in a $6 billion deal, after the company struggled with litigation over its alleged role in the country’s opioid epidemic.
The company’s Chapter 11 bankruptcy filing in the Southern District of New York showed assets and liabilities in the range of $1 billion to $10 billion.
Endo also reached a deal with U.S. state attorneys general to provide $450 million over a period of 10 years, according to the office of Massachusetts AG.
The company has been discussing the possibility of filing for bankruptcy protection in several recent filings.
In June, the drugmaker missed a $38 million interest payment, amid discussions with a group of unsecured bondholders who had urged the company to avoid filing for bankruptcy.
Tuesday’s settlement is joined by the attorneys general of Arizona, Colorado, Illinois, Indiana, Michigan and Minnesota, among others.
(Reporting by Jahnavi Nidumolu and Shubham Kalia in Bengaluru; Editing by Neha Arora, Rashmi Aich and Sriraj Kalluvila)
[ad_2]
Source link
