Endo International PLC has tapped a financial restructuring adviser to help the drugmaker evaluate its options for dealing with thousands of lawsuits alleging it contributed to the opioid crisis, according to people familiar with the matter.
Endo has engaged consulting firm Alvarez & Marsal Holdings LLC to advise on options that could include a balance-sheet restructuring that would address the company’s liability from litigation around its opioid drugs, as well as its more than $8 billion in debt, these people said.
As of July, there were nearly 3,000 legal cases pending against Endo from states, counties, cities and Native American tribes over opioids, as well as more than 300 lawsuits from hospitals, health systems, unions, and health or welfare funds.
The company and Alvarez didn’t immediately respond to requests for comment Thursday.
Endo’s stock closed at $2.13 Friday afternoon, down 40% from the prior day.
