Drugmaker Endo Files for Bankrupty Over Debt, US Opioid Litigation
- CEO says process to address more than $8 billion of debt
- Filing provides time to slash debt, negotiate end to suits
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Drug manufacturer Endo International Plc filed for bankruptcy after being overwhelmed by litigation, including claims that it profited by helping fuel the US opioid epidemic.
The Dublin-based company said it had initiated voluntary Chapter 11 proceedings in the US Bankruptcy Court for the Southern District of New York. It also struck an agreement with a debt-holder group that is offering $6 billion for Endo’s assets and would take over certain liabilities.