On August 16, 2022, Endo International plc and certain of its affiliates and subsidiaries filed for chapter 11 protection with the U.S. Bankruptcy Court for the Southern District of New York. The debtors operate a multi-billion dollar global specialty biopharmaceutical business that produces and sells generic and branded products and are together one of the country’s leading specialty pharmaceutical companies. The debtors commenced their chapter 11 cases to pursue a comprehensive restructuring of, among other things, more than $8.1 billion in funded debt and potential liability arising from more than 3,500 lawsuits in connection with their marketing and sale of certain FDA-approved opioid products. To effectuate the restructuring, the debtors are pursuing a sale of substantially all of their assets pursuant to section 363 of the Bankruptcy Code. The opening bid will be subject to higher and better offers in a marketing and auction process overseen by the Bankruptcy Court.
The Togut Firm’s employment was approved by the Court on September 28. Thus, the Firm is serving as co-counsel to the Endo debtors with Skadden, Arps, Slate, Meagher & Flom LLP. The Togut Firm has substantial experience serving as debtors’ co-counsel in large and mega chapter 11 cases, having served in that role in, among other cases, LATAM Airlines, McClatchy Newspapers, Trident Holding Company, Synergy Pharmaceuticals, SunEdison, Aeropostale, Frontier Airlines, Avaya, General Motors, Chrysler, Enron Corporation, and Delphi Automotive. The Togut Firm also has experience with mass tort cases, including the Cyprus Mines chapter 11 cases, where the firm currently serves as counsel to the future claimants’ representative, and Quigley Company, Inc. (a subsidiary of the pharmaceutical giant Pfizer, Inc.) where partner Albert Togut currently serves as the future claimants’ representative.
The debtors’ chapter 11 cases are being jointly administered under case number 22-22549. For more information, visit https://restructuring.ra.kroll.com/endo/Home-Index.