Endo International, the Ireland-based biopharmaceutical company with U.S. headquarters in Malvern, is on track to finally emerge from bankruptcy after reaching a deal with the Department of Justice, writes John George for the Philadelphia Business Journal. 

Last week, Endo received approval from a U.S. Bankruptcy Court judge to start seeking support from its creditors for a revised reorganization plan. 

When the company originally filed for Chapter 11 in August 2022, it had an agreement in place to sell Endo to its senior lenders. They also agreed to fund the nearly $600 million in opioid settlements as well as establish a trust for future opioid claimants. 

However, the plan drew objections from the federal government because it did not include federal government agencies and other creditors among those who would receive payments. 

Endo then submitted a revised reorganization plan last month which includes the “economic settlement in principle” with the Justice Department, and has now received the green light to move to the next step in the process. 

“We are pleased to have reached this milestone in our financial restructuring, during which time we’ve made steady progress advancing our strategic priorities,” said Blaise Coleman, Endo’s CEO. 

Read more about Endo International working to emerge from bankruptcy in the Philadelphia Business Journal.