Noteholders, Shareholders Call Mallinckrodt Ch. 11 Plan Unfair
By Rick Archer · September 27, 2023, 8:09 PM EDT
Secured creditors and shareholders of Mallinckrodt are asking a Delaware bankruptcy judge to reject the Irish drugmaker's new Chapter 11 plan, saying they are being shortchanged in favor of unsecured opioid...
Irish drugmaker Mallinckrodt filed its second Chapter 11 in three years to resolve $1.9 billion in secured debt from its first reorganization. The company said it plans to reduce its total commitement to a legacy opiod liability fund and execute a debt-for-equity swap to hand control to its first and second lien lenders coming out of reorganization.
Case Number
23-bk-11258
Judge
John Dorsey
Venue
U.S. Bankruptcy Court for the District of Delaware