1/18/2024 0 Comments Endo international locations![]() ![]() “Importantly, up to the whole amount of the performance-based component must be repaid if certain preestablished financial and operational targets are not met in 20,” the statement said. “Ordinary people who are not paid millions of dollars wonder why a company should be paying out millions of dollars to people who oversaw the demise of a company.”Īn Endo spokesperson said in a statement that “the recent incentive and retention payments are critical to the continuity of Endo’s business during the Chapter 11 proceedings and were approved by Endo’s independent board members.” “I would not say it’s normal for a company to pay significant retention bonuses twice before bankruptcy,” Temple University law professor Jonathan Lipson said Monday. They aren’t scrutinized by the bankruptcy court or creditors, and they siphon money out of the funds available for the business, or settling debts. Pre-bankruptcy bonuses reward executives for failing enterprises, critics say. 16, court and regulatory records show.Įndo describes them as prepaid incentives and management retention. ![]() The firm drug paid a second round of bonuses right before the actual bankruptcy filing in Manhattan on Aug. It was, in fact, the latest installment of an eye-popping $55.5 million in pre-bankruptcy bonuses paid over 10 months to Coleman and three other top executives at the drug firm, which faces potentially huge legal liability for its part in the nation’s opioid epidemic.Įndo manufactured and marketed hundreds of millions of branded Opana and generic opioid pain pills.Įndo paid the first bonuses last November when it considered an earlier bankruptcy date. Days before the money-losing opioid drug firm Endo International filed for bankruptcy last week, the company paid chief executive Blaise Coleman an $11.85 million bonus. ![]()
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