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Mallinckrodt

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business2 years ago

Mallinckrodt to Seek Second Bankruptcy, Slashing $1.9 Billion in Debt

Pharmaceutical company Mallinckrodt PLC has announced plans to file for Chapter 11 bankruptcy for the second time in less than three years as part of a restructuring agreement with its debtholders. The company aims to reduce its debt by approximately $1.9 billion and will make a final payment of $250 million to the Opioid Master Disbursement Trust II to support efforts related to the opioid crisis. Mallinckrodt expects to complete the prepackaged bankruptcy process by the fourth quarter of 2023, while continuing to provide therapies, pay staff, and vendors.

via MarketWatch|
#business#chapter-11-bankruptcy#debt-reduction
business2 years ago

Mallinckrodt's $200M opioid settlement payment delayed amidst risk of collapse.

Mallinckrodt, the pharma giant behind morphine and codeine, has delayed its $200 million payment towards a $1.7 billion settlement for its role in fueling the opioid crisis. The company has already paid $450 million towards the total, but is reportedly seeking waivers from potential defaults and has considered filing for a second bankruptcy. Mallinckrodt still owes $1.25 billion under the opioid plan, and a decision has yet to be made on Friday's payment. Victims of the opioid crisis are far back in the pecking order for repayment, with the company's lenders at the top of the food chain.

via New York Post |
#bankruptcy#business#mallinckrodt
business2 years ago

Mallinckrodt's $1.7 Billion Opioid Settlement in Jeopardy.

Drug-maker Mallinckrodt may not make a $200 million opioid settlement payment scheduled for later this week, and is considering its financial alternatives, including a second bankruptcy, which could put the entire $1.7 billion settlement at risk. If Mallinckrodt files a second bankruptcy, payouts would likely go first to company executives, staff and other creditors, with opioid-related claims paid out last. The opioid crisis has killed hundreds of thousands of Americans, sparked first by prescription pain medications, then fueled by street drugs such as fentanyl and heroin.

via NPR|
#bankruptcy#business#compensation
business2 years ago

Mallinckrodt's Opioid Victims Fear Junior Creditor Status Pain

Opioid victims are concerned about being treated as junior creditors in Mallinckrodt's bankruptcy proceedings, potentially receiving less compensation for the harm caused by the company's role in the opioid crisis. Mallinckrodt is facing numerous lawsuits related to its production and distribution of opioids, and filed for bankruptcy in March 2020. The company has proposed a settlement that would establish a trust to compensate victims, but some are worried that they will not receive adequate compensation if they are considered junior creditors.

via Financial Times|
#bankruptcy#business#creditor