Mallinckrodt’s Generics Business Will File For Bankruptcy
Speciality Brands & Divisions Headquartered Abroad Remain Intact
Last year, Mallinckrodt attempted restructuring the firm to evade bankruptcy fears. However, the company is now filing for bankruptcy for its US generics business to address “unmanageable liabilities.”
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Despite the delay in a New York state opioid trial due to coronavirus, a motion has been filed to remove Mallinckrodt and SpecGx from proceedings. However, Nassau County opposed the motion.
The company has reached a broad opioid settlement agreement in principle under which its specialty generics subsidiaries would file for Chapter 11 bankruptcy and Mallinckrodt's branded business would operate separately.
Mallinckrodt has put on hold its plan to spin off its specialty generics business due to investor worries about potentially big payouts arising from ongoing US opioids litigation.