Endo (ENDP) plunges on reports of negotiations with its lenders and senior bondholders about a possible restructuring of more than $8 billion of debt.
Endo International (NASDAQ: ENDP), a specialty pharmaceutical company, saw its shares fall 69% on Wednesday. It was already a bad day for many companies with the Dow and the S&P 500 down more than 3% and the NASDAQ falling more than 4%. The biggest reason for Endo's massive drop came when The Wall Street Journal reported the company was negotiating to restructure its more-than $8 billion in debt with its lenders and senior bondholders.
Endo (ENDP) tops Q1 earnings and sales estimates. However, Vasostrict faces generic competition and the guidance for Q2 is dismal.