By Alexander Gladstone
Mallinckrodt said Friday that it has reached an agreement to delay until next week a $200 million payment owed to a compensation trust for opioid victims as part of a legal settlement.
The $200 million is the second scheduled payment as part of a $1.7 billion opioid settlement plan the pharmaceutical company was approved for by a bankruptcy court last year. Mallinckrodt paid $450 million upon exit from the bankruptcy. The $200 million payment, originally due on June 16, has now been extended twice to June 30, the company said in a securities filing.
Mallinckrodt has faced financial difficulties since exiting bankruptcy, reporting widening losses due to weaker sales of its specialty products. Earlier this month, The company missed interest payments to both its lenders and senior bondholders. Mallinckrodt has said that it is considering various proposals from its stakeholders including another chapter 11 filing.
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