Endo International plc filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on November 23, 2022. The debtor seeks the Court's approval for the sale of substantially all its assets to Tensor Limited the stalking horse bidder, for a consideration consisting of credit bid the full amount of the $5.9 billion of prepetition first lien indebtedness, $5 million in cash on account of unencumbered transferred assets, the wind-down amount in cash, the pre-sale professional fee reserve amounts in cash, and the assumption at closing of the assumed liabilities, including, for the avoidance of doubt, the Non-U.S. Sale Transaction Taxes. To qualify as a qualified bidder, interested parties should submit their bids by April 18, 2023, along with good-faith deposit in the amount of 10% of the bid price.

Bidding shall commence at the amount of the baseline bid. The debtor has scheduled an auction on April 27, 2023. At the auction, the subsequent bids would be in increments of amount determined by the debtor after consultation with consultation parties.

The stalking horse bidder would be entitled to an expense reimbursement of $7 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for May 3, 2023.