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Mallinckrodt’s US Bankruptcy Approval Confirms $1bn Hit To Opioid Fund

Ireland-Domiciled Firm Looks To Emerge From Bankruptcy Before Year Is Out

 
• By Dean Rudge

Mallinckrodt is set to be in the hands of its lenders after a US bankruptcy court confirmed the company’s restructuring plan, which includes more than halving the $1.7bn previously promised to victims of the US opioid crisis.

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• Source: Shutterstock

Mallinckrodt has won approval from a US district court to emerge from its second bankruptcy in just three years, allowing the firm to extinguish approximately $1.9bn of total funded debt from its balance sheet while rowing back significantly on the $1.7bn the firm had previously agreed to pay to settle claims over its role in the US opioid crisis.

With legal proceedings for the Ireland-domiciled firm set to take between two and three months to complete, Mallinckrodt is hopeful

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