Endo International Plc (NASDAQ: ENDP) is considering bankruptcy filing to restructure its more than $8 billion of debt and several outstanding lawsuits without a deal with opioid plaintiffs, the Wall Street Journal reported, citing people familiar with the matter.
The company has been negotiating with secured creditors since it failed to make interest payments owed to its junior bondholders last month, the report mentioned.
Related: What Is Happening With Endo Shares Today?
Endo has been trying to settle roughly 3,500 lawsuits it faces from state & local governments and healthcare providers.
The company has denied wrongdoing with its Opana opioid product sales, which it stopped selling in 2017.
Endo is in a grace period through the end of July following its interest payment miss, after which the failure to pay would result in default.
The report noted that a group of junior bondholders recently urged Endo not to file for bankruptcy, stating several possible transactions, such as a bond swap, would enable Endo to restructure its obligations outside chapter 11.
Price Action: ENDP shares are up 0.68% at $0.41 during the premarket session on the last check Wednesday.
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