By Connor Hart
Shares of Endo International PLC are up 25%, to 46 cents, in premarket trading Wednesday after the company filed for chapter 11 protection Tuesday in the U.S. Bankruptcy Court in New York.
The Ireland-based company has struggled with more than $8 billion in debt, competition from generic manufacturers and opioid litigation. The company said most of its first-lien creditors have agreed to buy the business out of bankruptcy, in return for $6 billion in debt forgiveness.
The company's restructuring support agreement would reduce outstanding indebtedness, address remaining opioid- and other litigation-related claims and best position the company for future operations, it said.
The company has faced many lawsuits over the marketing and sale of its painkiller Opana ER, which the company discontinued in 2017 at the request of the U.S. Food and Drug Administration.
Shares of the company closed Tuesday at 37 cents, down about 90% for both the year and the last 52 weeks.
Write to Connor Hart at connor.hart@wsj.com
$(END)$ Dow Jones Newswires
August 17, 2022 06:29 ET (10:29 GMT)
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