Malvern-based Endo International received court approval earlier this week for its reorganization plan, over 18 months after the company filed for Chapter 11 bankruptcy protection, writes John George for the Philadelphia Business Journal.

The plan reduces the pharmaceutical company’s debt by over $5 billion and sells most of the company’s assets to a new entity called Endo Inc. More than 95 percent of the new company will be owned by Endo’s senior lenders, such as investment firms Oaktree Capital Management, Silver Point Capital, and Bain Capital.

The transaction could close as early as late next month after the company receives final regulatory approvals and fulfills the customary closing conditions.

Endo is an Irish company with U.S. headquarters in Malvern and a manufacturing plant in Horsham.

“We look forward to emerging as Endo Inc., a stronger company poised for sustained growth,” said Blaise Coleman, Endo’s CEO. “We are grateful for the collaboration and support from our many stakeholders throughout this process.”

The lenders will also fund a maximum of $450 million in opioid settlements that the company has already agreed to pay to U.S. states and individuals affected by opioid addiction.

Read more about Endo International getting court approval to lift itself from debt in the Philadelphia Business Journal.

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