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Filing Details

Accession Number:: 0001641172-25-010899
Form Type:: 13G Filing
Publication Date:: 2025-05-14 20:00:00

Filed By:: Marathon Asset Management
Company:: Endo Inc.
Filing Date:: 2025-05-15
SEC Url:: 13G Filing

Ownership Summary

Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.

Name	Beneficially Owned Number of Aggregate Shares	Percent of Class
Marathon Asset Management GP, L.L.C.	6,075,761	8.0%
MARATHON ASSET MANAGEMENT LP	6,075,761	8.0%
Bruce Richards	6,075,761	8.0%
Louis Hanover	6,075,761	8.0%

Filing

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Endo, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

29290D117

(CUSIP Number)

03/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No.

29290D117

Names of Reporting Persons

Marathon Asset Management GP, L.L.C.

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,075,761.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,075,761.00
8	Shared Dispositive Power 0.00

Aggregate Amount Beneficially Owned by Each Reporting Person

6,075,761.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

8.0 %

Type of Reporting Person (See Instructions)

Comment for Type of Reporting Person: See item 2 for additional information.

SCHEDULE 13G

CUSIP No.

29290D117

Names of Reporting Persons

MARATHON ASSET MANAGEMENT LP

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,075,761.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,075,761.00
8	Shared Dispositive Power 0.00

Aggregate Amount Beneficially Owned by Each Reporting Person

6,075,761.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

8.0 %

Type of Reporting Person (See Instructions)

Comment for Type of Reporting Person: See item 2 for additional information.

SCHEDULE 13G

CUSIP No.

29290D117

Names of Reporting Persons

Bruce Richards

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,075,761.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,075,761.00
8	Shared Dispositive Power 0.00

Aggregate Amount Beneficially Owned by Each Reporting Person

6,075,761.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

8.0 %

Type of Reporting Person (See Instructions)

Comment for Type of Reporting Person: See item 2 for additional information.

SCHEDULE 13G

CUSIP No.

29290D117

Names of Reporting Persons

Louis Hanover

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,075,761.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,075,761.00
8	Shared Dispositive Power 0.00

Aggregate Amount Beneficially Owned by Each Reporting Person

6,075,761.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

8.0 %

Type of Reporting Person (See Instructions)

Comment for Type of Reporting Person: See item 2 for additional information.

SCHEDULE 13G

Item 1.

(a)

Name of issuer:

Endo, Inc.

(b)

Address of issuer's principal executive offices:

1400 Atwater Drive, Malvern, PA, 19355

Item 2.

(a)

Name of person filing:

(i) Marathon Asset Management, L.P., a Delaware limited partnership ("Marathon"); (ii) Marathon Asset Management GP, L.L.C., a Delaware limited liability company ("Marathon GP"), the general partner of Marathon; (iii) Bruce Richards, a managing member of Marathon GP; and (iv) Louis Hanover, a managing member of Marathon GP. Marathon, pursuant to certain investment management agreements and in its capacity as the investment manager of certain funds managed by Marathon (the "Marathon Funds"), has the sole power to vote and the sole power to direct the disposition of the 6,075,761 shares of common stock, par value $0.001 per share (the "Common Stock"), held by the Marathon Funds. Accordingly, for the purposes of Section 240.13d-3 of the Exchange Act, Marathon may be deemed to beneficially own the 6,075,761 shares of Common Stock held by the Marathon Funds. The general partner of Marathon is Marathon GP. Bruce Richards and Louis Hanover are the managing members of Marathon GP. This report shall not be deemed an admission that Marathon, each Marathon Fund or any other person is the beneficial owner of the securities reported herein for purposes of Section 13 of the Exchange Act or for any other purpose.

(b)

Address or principal business office or, if none, residence:

The principal business and principal office address of the Reporting Persons is c/o Marathon Asset Management, L.P., 1 Bryant Park, 38th Floor, New York, NY 10036.

(c)

Citizenship:

Marathon GP and Marathon are organized under the laws of the State of Delaware. Mr. Richards and Mr. Hanover are citizens of the United States.

(d)

Title of class of securities:

Common Stock, par value $0.001 per share

(e)

CUSIP No.:

29290D117

Item 3.

If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)

Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

(b)

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c)

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

(d)

Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

(e)

An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f)

An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g)

A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h)

A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)

A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)

A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:

(k)

Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

Item 4.

Ownership

(a)

Amount beneficially owned:

6,075,761

(b)

Percent of class:

8.0%

(c)

Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote:

6,075,761

(ii) Shared power to vote or to direct the vote:

(iii) Sole power to dispose or to direct the disposition of:

6,075,761

(iv) Shared power to dispose or to direct the disposition of:

Item 5.

Ownership of 5 Percent or Less of a Class.

Item 6.

Ownership of more than 5 Percent on Behalf of Another Person.

Not Applicable

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

Not Applicable

Item 8.

Identification and Classification of Members of the Group.

Not Applicable

Item 9.

Notice of Dissolution of Group.

Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Marathon Asset Management GP, L.L.C.

Signature:	/s/ Jamie Raboy
Name/Title:	Jamie Raboy, Authorized Signatory
Date:	05/15/2025

MARATHON ASSET MANAGEMENT LP

Signature:	/s/ Jamie Raboy
Name/Title:	Jamie Raboy, Authorized Signatory for Marathon Asset Management, GP, L.L.C., its general partner
Date:	05/15/2025

Bruce Richards

Signature:	/s/ Bruce Richards
Name/Title:	Bruce Richards
Date:	05/15/2025

Louis Hanover

Signature:	/s/ Louis Hanover
Name/Title:	Louis Hanover
Date:	05/15/2025

Exhibit Information

1. A Joint Filing Agreement, dated as of November 4, 2024, among the Reporting Persons (incorporated by reference to Exhibit 1 to the Schedule 13G filed with the Securities and Exchange Commission on November 4, 2024).