Mallinckrodt initiates Chapter 11 Proceedings

27 August 2023

Ireland-incorporated specialty pharma firm Mallinckrodt Pharmaceuticals (NYSE: MNK) said last week that it planned to file for bankruptcy for the second time in three years.

Initial market reaction was positive, with the already near worthless shares rising as much as 23% to $0.66 on Wednesday, but they fell back to $0.34 by close on Friday.

The company announced it has entered into a restructuring support agreement (RSA) with a substantial majority of each of its first and second lien debtholders and the Opioid Master Disbursement Trust II (the Trust) on the terms of a comprehensive financial restructuring plan.

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