Mallinckrodt in its reorganization process, Chapter 11 bankruptcy emergence, and satisfaction of debt obligations
On November 14, 2023, Mallinckrodt plc (“Mallinckrodt” or the “Company”) announced that it has completed its reorganization process, emerged from Chapter 11 following an expedited court-supervised process and completed the Irish Examinership proceedings. As a result of the restructuring process, Mallinckrodt reduced its total funded debt by approximately $1.9 billion and is moving ahead with ample liquidity to execute its strategic priorities. In addition, the Company has satisfied its obligations to the Opioid Master Disbursement Trust II (the “Trust”) on terms agreed with the Trust, including through a $250 million payment made to the Trust prior to the Chapter 11 filing, among other consideration. As contemplated by Mallinckrodt’s plan of reorganization, ownership of the business transitioned to the Company’s creditors and all of the Company’s outstanding ordinary shares were extinguished at emergence.
Wachtell, Lipton, Rosen & Katz is serving as a legal advisor to Mallinckrodt.