- Endo International Plc (NASDAQ:ENDP) initiated negotiations with its lenders and senior bondholders regarding a possible reorganization of more than $8 billion of its debt, the Wall Street Journal reported, citing people familiar with the matter.
- Lenders began talks after the company reported disappointing earnings early this month for 1Q 2022, driven by the loss of exclusive rights to a key drug.
- Related: Endo Shares Plummet On Decreasing Sales, Wider Loss; Outlook Lagging Consensus.
- The lawyers representing lenders have already started the confidential discussions with the company.
- Endo is already battling roughly 3,500 lawsuits over its role in the opioid epidemic.
- Also Read: JNJ, McKesson, Endo Settle $275M Opioid Claims With Alabama: Reuters.
- Price Action: ENDP shares are down 48.1% at $0.60 during the market session on the last check Wednesday.
