{"id":49264,"date":"2023-08-16T15:48:16","date_gmt":"2023-08-16T19:48:16","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/drugmaker-mallinckrodt-moves-toward-second-bankruptcy-filing\/"},"modified":"2023-08-16T15:48:18","modified_gmt":"2023-08-16T19:48:18","slug":"drugmaker-mallinckrodt-moves-toward-second-bankruptcy-filing","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=49264","title":{"rendered":"Drugmaker Mallinckrodt moves toward second bankruptcy filing"},"content":{"rendered":"
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\u00a9 Reuters. Bottles of prescription painkillers Hydrocodine Bitartrate and Acetaminopohen, 5mg\/325mg pills, made by Mallinckrodt sit on a shelf at a local pharmacy, in Provo, Utah, U.S., April 25, 2017. REUTERS\/George Frey\/file photo<\/span>
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By Pratik Jain and Dietrich Knauth<\/p>\n

(Reuters) -Mallinckrodt on Tuesday said it was preparing to seek bankruptcy protection for the second time in three years after struggling to make a required $200 million settlement payment to opioid victims.<\/p>\n

The drugmaker, one of the largest makers of opioids, said it is negotiating a restructuring support agreement with its stakeholders, while deferring deadlines for missed debt payments and opioid settlement payments to next week. <\/p>\n

The agreement contemplates a second bankruptcy filing that would result in no recovery for holders of its ordinary equity shares, Mallinckrodt <\/span><\/span> (OTC:) said.<\/p>\n

The Ireland-based company failed to make scheduled payments to its lenders and opioid creditors in June, and it has sought several short-term extensions of the debt deadlines. <\/p>\n

Mallinckrodt emerged from bankruptcy last year after winning court approval for a reorganization plan that included a $1.7 billion settlement. It paid the first $450 million of that settlement after emerging from bankruptcy, but it failed to make a $200 million payment due in June. <\/p>\n

The company on Tuesday said it has reached an agreement to extend the opioid payment due date to Aug. 22.<\/p>\n

Mallinckrodt’s noteholders also agreed to hold back legal action against the company until that date. As part of the agreement with noteholders, the company will pay $19 million, half of the payment originally due in June. It expects to pay the remaining amount when a potential restructuring support agreement is signed. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Bottles of prescription painkillers Hydrocodine Bitartrate and Acetaminopohen, 5mg\/325mg pills, made by Mallinckrodt sit on a shelf at a local pharmacy, in Provo, Utah, U.S., April 25, 2017. REUTERS\/George Frey\/file photo By Pratik Jain and Dietrich Knauth (Reuters) -Mallinckrodt on Tuesday said it was preparing to seek bankruptcy protection for the second time […]<\/p>\n","protected":false},"author":1,"featured_media":3798,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-49264","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nDrugmaker Mallinckrodt moves toward second bankruptcy filing | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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