Endo enters into restructuring support agreement with senior secured debtholders to strengthen financial position
Endo International plc announced that it has entered into a restructuring support agreement with holders of more than a majority of Endo's first lien debt on a sale transaction that would substantially reduce outstanding indebtedness, address remaining opioid and other litigation-related claims, and best position Endo for the future
This will allow Endo to advance its business transformation with a strengthened balance sheet to create compelling value for its stakeholders over the long term.
Under the RSA, the debtholder group has committed to providing total purchase consideration of approximately $6 billion in the form of a credit bid, plus assumption of certain liabilities, for substantially all of the Company's assets. The transaction contemplates that the purchaser will: i. Offer employment to all of Endo's active team members; ii. Establish voluntary trusts, to be funded with $550 million over 10 years, whereby future proceeds will be set aside for certain opioid claims; and iii. Have net funded leverage in an amount no greater than 4.5x.
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