Drug manufacturer Endo International Plc won bankruptcy court permission to poll its creditors on a plan that would hand control of the business to lenders and settle opioid liabilities in deals valued at more than $600 million, Bloomberg News reported. Judge James L. Garrity Jr. said during a court hearing yesterday in New York that he’ll allow Endo creditors to vote on its restructuring plan weeks after the company announced opioid-related settlements. The judge’s approval keeps Endo on pace to emerge from chapter 11 protection in the second quarter of 2024. Endo filed for bankruptcy in August 2022 to deal with more than $8 billion in long-term debt and lawsuits alleging the company helped fuel the nation’s addiction crisis. Opioid lawsuits also drove fellow drugmakers Mallinckrodt Plc and OxyContin maker Purdue Pharma LP into chapter 11. Endo’s restructuring plan includes settlements with state and federal authorities, and is expected to pay individual opioid victims between $89.7 million and $119.7 million, according to court documents. The company has also agreed to pay $273 million to more than 40 states and as much as $365 million to the U.S. Justice Department. The exact amount of the payments depends on whether Endo opts to pay some settlements in full when the company leaves bankruptcy or over time, the documents show.
