DUBLIN - Endo International plc (OTC: OTC:ENDPQ) announced today that its Chapter 11 plan of reorganization has been confirmed by the United States Bankruptcy Court for the Southern District of New York. This confirmation paves the way for the specialty pharmaceutical company to complete its financial restructuring process.
The approved plan involves the sale of substantially all assets of Endo International to a newly formed entity, Endo, Inc., which is predominantly owned by the company's first lien debt holders. The closing of this transaction is anticipated to occur by late April 2024, pending final regulatory approvals and the fulfillment of standard closing conditions.
Blaise Coleman, President and CEO of Endo, expressed optimism about the company's future, stating, "We look forward to emerging as Endo, Inc., a stronger company poised for sustained growth." He acknowledged the support from stakeholders and the dedication of the Endo team during the restructuring period.
The restructuring is expected to significantly reduce the company's outstanding debt and resolve most of the prior litigation issues it faced. Endo International has been a provider of quality, life-enhancing therapies and aims to continue serving its customers and patients effectively.
The company has made additional resources available for customers, suppliers, and healthcare providers on its website, EndoTomorrow.com, and further details about the financial restructuring can be found on the Kroll restructuring website.
This development comes as the company looks to move past its challenges and focus on future growth and market presence. The information regarding the Chapter 11 plan of reorganization is based on a press release statement from Endo International plc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.