Par Sterile Products develops, manufactures and markets a broad portfolio of branded and generic aseptic injectable products. Our focus is on therapeutically equivalent ANDA-based products, and others on a case-by-case basis. Par Pharmaceutical specializes in modified-released oral solid dosage forms as well as non-oral dosage forms, such as nasal sprays, inhalers, patches and other alternative drug delivery platforms. We offer high-quality, cost-effective products with the highest level of customer service. 22-22549, hearing 3/28/23.Par Pharmaceutical, a wholly owned Endo business, is a highly focused generic pharmaceutical company dedicated to delivering quality medicines to patients in need through excellence in innovation, development, manufacturing, and commercialization. The case is In re Endo International plc, Bankr. The new subsidiaries would then be sold to the successful bidder as part of a sale. Part of the proposed sale involves transferring the businesses of each of Endo’s two primary Irish asset-owning debtors into two, newly-formed Irish subsidiaries that would carry on the same businesses, according to court records. ![]() Garrity ruled that he didn’t yet need to address the objectors’ issues, but left open the possibility that they could be raised at a sale hearing if a resolution isn’t reached through ongoing mediation. The deals improperly incorporate fixed key terms, including distributions for unsecured creditors, outside of a formal reorganization plan, the trustee said.Īn attorney for the future claims representative argued Tuesday that aspects of the bidding procedures were confusing, destroyed value, and are calculated to provide the lenders with a leg up in the process. The US Trustee, which serves as the Department of Justice’s bankruptcy watchdog, argued that the settlements amount to a “sub rosa” plan that violates the bankruptcy code’s payment priority scheme. In a separate deal, Endo’s unsecured creditors would receive $60 million in cash, plus a potential 4.25% equity stake in the reorganized company. The deal with an opioid victim committee would provide about of $119 million in cash to private opioid abuse claimants. The deals pave the way for Endo to settle mass opioid litigation through the establishment of various trusts. ![]() ![]() The lender deal would provide compensation for Endo’s creditors, including opioid claimants.Įndo’s lenders earlier this month reached settlements that would provide higher payouts to certain creditor groups in return for their support of the bankrupt opioid manufacturer’s reorganization. They argued the proposed structure of the lenders’ offer, which is largely in the form of a credit bid, would stifle other, better offers.ĭublin-based Endo is one of several opioid manufacturers to enter Chapter 11 in the last few years after facing claims the companies profited from the opioid crisis. ![]() US Bankruptcy Judge James Garrity approved bidding procedures that would govern the sale of Endo’s assets late Tuesday, overruling objections from the US Trustee and a representative for potential future opioid claimants. Endo International Plc won bankruptcy court approval to put its assets up for auction with a starting bid its by lenders worth more than $6 billion, clearing a major hurdle in its Chapter 11 case.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |