Endo International Plc filed for bankruptcy yesterday after reaching a $6 billion deal with some of its creditors, as the U.S. drugmaker seeks to settle thousands of lawsuits over its alleged role in the country's opioid epidemic, Reuters reported. The pharmaceutical company is the latest to file for chapter 11 to address opioid claims. Purdue Pharma, the maker of OxyContin, filed in September 2019, while Mallinckrodt Plc, a generic opioid manufacturer, recently emerged from bankruptcy.
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UK-based Altera Infrastructure has entered a Chapter 11 bankruptcy process in the U.S. to address its debt of over $1.5 billion, Offshore-Energy.biz reported. Formerly a part of Teekay, Altera Infrastructure is based in Westhill, Scotland and it is a supplier of infrastructure assets to the offshore energy industry. In a statement on Monday, the company said that it has executed a restructuring support agreement (the RSA) with approximately 71 percent of its funded debt obligations, which includes an investment management company Brookfield and a super-majority of its bank lenders.
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Scandinavian airline SAS said on Saturday it entered into an agreement with Apollo Global Management to raise $700 million of fresh financing it needs to see it through bankruptcy, Reuters reported. The airline filed for bankruptcy protection in the United States in early July to help cut debt after the collapse of wage talks between the airline and its pilots, triggering a 15-day strike that added to travel chaos across Europe. SAS said in a statement it expects to complete the Chapter 11 restructuring process in nine to 12 months.
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Endo International PLC, a pharmaceutical manufacturer facing thousands of lawsuits alleging it fueled the opioid addiction crisis, said Tuesday that it is likely to file for bankruptcy imminently, the Wall Street Journal reported. The company said that it is in negotiations with a group of senior lenders that it expects will result in an agreement for a chapter 11 filing. Endo also said that it is in discussions with opioid litigants as well as other creditors but didn’t say that it has reached a proposed deal with them.
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The United States on Monday imposed sanctions on virtual currency mixer Tornado Cash, accusing it of helping hackers, including from North Korea, to launder proceeds from their cyber crimes, Reuters reported. A senior Treasury Department official said that Tornado Cash, one of the largest mixers identified as problematic by the Treasury, has reportedly laundered more than $7 billion worth of virtual currency since it was created in 2019.
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The U.S. public company accounting regulator will not accept any restrictions on its access to the audit papers of Chinese companies listed in New York, including where firms have been delisted, two people with knowledge of the U.S. agency's thinking told Reuters. Washington and Beijing are in talks to settle a long-running dispute over the auditing compliance of U.S.-listed Chinese firms which, if unresolved, could see more than 270 Chinese firms kicked off New York bourses.
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U.S. investors participating in credit-default-swap auctions are allowed to buy Russian sovereign debt, according to new guidance from the U.S. Treasury Department, potentially reducing losses for some investors who sold protection against a Russian default in the years leading up to the war in Ukraine, WSJ Pro Bankruptcy reported.
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The U.S. government has forced Mexico into negotiations over what Washington considers unfair practices that are effectively excluding U.S. and other foreign companies from the Mexican energy sector in violation of the free trade agreement they signed with Canada, the Associated Press reported. Mexico says it has received a similar notice from Canada related to its electricity law. The U.S.
Two U.S. congresswomen made a bipartisan call for companies to take action to comply with a newly operative U.S. law intended to block the import of goods made with Uyghur forced labor, the Wall Street Journal reported. The remarks underscored congressional concern over enforcement of a law that presumes that goods with ties to Xinjiang, the home region of China’s Uyghur minority, have been made with forced labor. The law, which went into effect last month, gives U.S. Customs and Border Protection the power to stop their import. Reps.
A federal bankruptcy court has frozen the assets of Three Arrows Capital, the once-prominent crypto hedge fund that managed as much as $10 billion in assets until it fell into liquidation last month, the Washington Post reported. In an emergency hearing Tuesday, Judge Martin Glenn of the Southern District of New York granted a motion allowing liquidators to “transfer, encumber, or otherwise dispose” of any Three Arrows Capital assets located in the United States. In addition, the court authorized subpoenas for the founders, whose whereabouts are unknown.
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