Mallinckrodt prepares for effective date of May 11

Chicago, April 29 – The effective date, based on the day the Chapter 11 plan conditions are expected to be satisfied for Mallinckrodt plc’s case, is now set for May 11.

The company is preparing its exit financing for a $900 million term loan B with commitments due on May 10, as separately reported by Prospect News.

The amended scheme has been approved by order of the High Court, according to an order dated April 27 and posted Friday.

The company’s Chapter 11 plan was aimed at reducing the company’s total debt by around $1.3 billion.

In the United States, the plan was approved in February.

The company needed to complete examinership proceedings in Ireland for the plan to be effective.

Mallinckrodt is a Dublin-based developer, manufacturer, marketer and distributor of specialty pharmaceutical products and therapies. The company filed Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on Oct. 12, 2020 under case number 20-12522.

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