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- A federal bankruptcy court in New York City has authorized Endo International’s (OTC:ENDPQ) Chapter 11 bankruptcy reorganizaiton plan.
- Nearly all of the company’s assets are being sold to a new entity, known as Endo, Inc., that is more than 95% owned by Endo International’s first lien debt.
- Endo International (OTC:ENDO) said the arrangement “will result in a significant reduction in outstanding indebtedness compared to the Company’s current capital structure and resolve substantially all of the Company’s prior litigation overhang.”
- The transaction could close as early as April.