Endo confirms reorganization plans

Endo announced that the United States Bankruptcy Court for the Southern District of New York has confirmed its Chapter 11 plan of reorganization, clearing the path for the company to complete its financial restructuring.  

Under the plan, substantially all of its assets are being sold to a new entity, Endo, over 95% of which is owned by holders of the company's first lien debt. The transaction is expected to close as early as late April 2024 upon receiving final regulatory approvals and satisfying customary closing conditions.

Blaise Coleman, Endo's president and CEO, said, "We look forward to emerging as Endo, a stronger company poised for sustained growth. We are grateful for the collaboration and support from our many stakeholders throughout this process. I also want to express my gratitude to the entire Endo team for their continued focus on delivering quality, life-enhancing therapies, and serving our customers and patients throughout this process."

Read more: Endo files reorganization plan to emerge from bankruptcy]

The terms of the plan and the sale of substantially all of the company's assets to Endo, will result in a significant reduction in outstanding indebtedness compared to its current capital structure and resolve substantially all of the prior litigation overhang, the company said.