Endo International, one of the nation's larger opioid makers and with U.S. headquarters in Malvern, filed for bankruptcy protection in Manhattan on Tuesday, beset by $9.5 billion in total debt and threatened by thousands of opioid lawsuits.
Best known for the pain killer Percocet, Endo expanded its portfolio with branded and generic pain pills after the popularity of the opioid OxyContin, made by Purdue Pharma. Endo has been caught up in massive and costly plaintiffs litigation that also led Purdue and Mallinckrodt PLC, another pain pill maker, to file for bankruptcy.
Endo said it has reached a restructuring agreement with creditors to reduce billions of debt through a Chapter 11 bankruptcy reorganization. The company, based in Ireland for tax purposes but effectively run out of Malvern, also said in a statement that it will establish voluntary trusts funded with $550 million over 10 years to settle opioid claims in the lawsuits.
