Endo International PLC became the latest pharmaceutical company to file for bankruptcy under the weight of lawsuits alleging it played a role in fueling the opioid crisis.
The drugmaker, domiciled in Ireland with operations in Malvern, Pa., filed for chapter 11 protection Tuesday in the U.S. Bankruptcy Court in New York after struggling with more than $8 billion in debt, competition from generic manufacturers and opioid litigation. Endo said that most of its first-lien creditors have agreed to buy the business out of bankruptcy, in return for $6 billion in debt forgiveness.