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Hydrocodine - 2 Mallinckrodt - 2 George Frey - 2 Siggi Olafsson - 2 Dietrich Knauth - 2 Alexia Garamfalvi - 2 John Dorsey - 1 Mallinckrodt's - 1
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☆ Court OKs Mallinckrodt restructuring, $1 billion cut to opioid settlement
  + stars: | 2023-10-10 | by ( Dietrich Knauth | ) www.reuters.com   time to read: +4 min
Despite the previous bankruptcy settlement that resolved those litigation threats and cut $1.5 billion in debt, Mallinckrodt quickly found itself in financial trouble again due to declining sales for its key branded drugs, including Acthar Gel. As part of its previous bankruptcy, Mallinckrodt, which denied wrongdoing, agreed to pay $1.7 billion to settle about 3,000 lawsuits alleging it used deceptive marketing tactics to boost opioid sales. Unlike the opioid settlement, Mallinckrodt intends to pay the full amount due under the Acthar settlement after its second bankruptcy. Dorsey overruled an objection filed by shareholder Alta Fundamental Advisers, which had argued that Mallinckrodt improperly rushed into a second bankruptcy at the expense of equity owners. The reorganized company has a total enterprise value of about $2.95 billion, according to Mallinckrodt's financial advisor Guggenheim Securities.
Persons: Hydrocodine, Mallinckrodt, George Frey, John Dorsey, Siggi Olafsson, Mallinckrodt's, Dorsey, Dietrich Knauth, Alexia Garamfalvi, Bill Berkrot, Richard Chang Organizations: REUTERS, Tuesday, Acthar, Deerfield Partners, JPMorgan Investment Management, Fundamental Advisers, Securities, Thomson Locations: Provo , Utah, U.S, Ireland, Wilmington , Delaware
☆ Mallinckrodt second bankruptcy would cut $1 billion from opioid settlement
  + stars: | 2023-08-23 | by ( ) www.reuters.com   time to read: +2 min
The agreement announced Wednesday would reduce Mallinckrodt's debt by about $1.9 billion and cancel existing equity shares. The new deal would leave opioid creditors with $1 billion less than the $1.7 billion settlement that Mallinckrodt agreed to pay as part of its 2022 exit from the company's earlier bankruptcy. Mallinckrodt failed to make a $200 million payment to the opioid trust due in June, prompting the company to launch a negotiation with its stakeholders. Mallinckrodt said that its current level of creditor support should allow the company to complete its second bankruptcy by the end of 2023. Drug manufacturers, drug distributors and pharmacy chains have agreed to pay more than $50 billion in settlements to resolve lawsuits related to the U.S. opioid crisis.
Persons: Hydrocodine, Mallinckrodt, George Frey, Siggi Olafsson, Pratik Jain, Mariam Sunny, Khushi, Dietrich Knauth, Maju Samuel, Shinjini Ganguli, Alexia Garamfalvi Organizations: REUTERS, Thomson Locations: Provo , Utah, U.S, Ireland, Bengaluru, New York
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