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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mallinckrodt Plc () | USOTC:MNKKQ | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.02 | 0.00 | 01:00:00 |
By Matt Grossman
Mallinckrodt PLC has reached a settlement agreement with certain creditors to win their support for a planned reorganization, the latest step for the drugmaker as it responds to lawsuits accusing it of helping fuel the opioid crisis.
The new agreement is with Mallinckrodt's committee of opioid-related creditors and its restructuring support agreement parties. The company said it has also reached agreements with its committee of unsecured creditors and some of its second-lien noteholders.
Mallinckrodt's latest restructuring plans, which include legal settlements, would reduce the company's debt by about $1.3 billion, the company said. The plans have now won support from holders of about 84% of the company's guaranteed unsecured notes, holders of $1.3 billion of first-lien term loans and an executive committee of plaintiffs who are engaged in litigation against the company.
The next step is for a bankruptcy court to hold a hearing to consider approving the plan, Mallinckrodt said. If the plan is approved, Mallinckrodt would file a proceeding in Ireland to commence the reorganization, which would take 90 to 150 days, it estimated.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
September 03, 2021 07:09 ET (11:09 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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