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Endo receives exclusivity extension, approval of bid procedures
By Sarah Lizee
Olympia, Wash., April 4 – Endo International plc received an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed with the U.S. Bankruptcy Court for the Southern District of New York.
The court extended the exclusive plan filing period through June 12 and the exclusive solicitation period through Aug. 11.
Endo also received court approval of bid procedures for its assets.
As previously reported, both of these matters had drawn pushback from creditor groups, including the official committee of unsecured creditors and the official committee of opioid claimants. In January, the parties were ordered to mediate over the bid procedures and exclusivity extension.
In early March, Endo and both committees reached settlement agreements that will result in larger payouts for the creditor groups in exchange for their support. The mediation is still ongoing with some parties to resolve remaining issues.
The company has lined up a stalking horse deal with a group of first-lien lenders, which seek to credit bid the full amount of the $5.9 billion of prepetition first-lien debt.
A sale hearing is scheduled for Aug. 31. Subject to some conditions, the debtors may terminate the sale and marketing process and accelerate the sale hearing if no qualified indications of interest are received by the June 13 deadline.
If the sale hearing isn’t accelerated, the bid deadline will be 4 p.m. ET on Aug. 8, and an auction will take place on Aug. 15.
Endo is a Dublin, Ireland-based specialty pharmaceutical company that filed bankruptcy on Aug. 16, 2022. The Chapter 11 case number is 22-22549.
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