Pillsbury Receives Chapter 11 Transaction of the Year Award (Mega) by Turnaround Atlas Awards for Landmark Opioid Restructuring Case

The firm advised a coalition of 51 state and territory attorneys general, in connection with wide-ranging state claims against Endo Pharmaceuticals stemming from its manufacturing practices and alleged deceptive marketing of opioid products. The Pillsbury team secured a landmark settlement totaling $465.2 million for opioid abatement programs across participating states, territories and local governmental units. The agreement also included a ban on the promotion of Endo’s opioid products and required the public disclosure of millions of internal documents.

The restructuring process began with a restructuring support agreement executed in August 2022. This was followed by Endo’s chapter 11 filing in the Southern District of New York. In March 2024, the Bankruptcy Court confirmed Endo’s plan of reorganization, which became effective in April 2024. 

The Pillsbury deal team was led by Insolvency & Restructuring partners Andrew Troop and Hugh McDonald, counsel Andrew Alfano, and paralegal Stephanie Korchinski.

This award was just one of three awards given to Pillsbury for cutting edge restructuring representations at the 17^thAnnual Turnaround Atlas Awards. To learn more, click here.

Pillsbury Insolvency & Restructuring lawyers are widely recognized for devising cutting-edge solutions for financial institutions, secured and unsecured creditors, debtors and borrowers, indenture trustees, distressed investors and other interested parties. The team deftly navigates clients through business cycles, bankruptcies, complex restructurings and workouts and has extensive experience in chapter 11 cases, pre-arranged and pre-packaged bankruptcies, out-of-court restructurings, distressed M&As, capital raising and refinancings, recapitalizations and asset sales.