Mallinckrodt plc enters into restructuring support agreement with key stakeholders on the terms of a prepackaged financial restructuring plan
Agreement supported by a substantial majority of each of its first and second lien debtholders and opioid trust financial restructuring plan to significantly reduce debt, increase free cash flow generation, extend maturity runway and better position company for long-term success intends to initiate voluntary prepackaged chapter 11 proceedings to implement plan continuing to deliver high-quality therapies to patients and serve customers; vendors and suppliers to be paid in full in the ordinary course dublin , aug. 23, 2023 /prnewswire/ -- mallinckrodt plc (nyse american: mnk) ("mallinckrodt" or the "company"), a global specialty pharmaceutical company, today announced it has entered into a restructuring support agreement ("rsa") with a substantial majority of each of the company's first and second lien debtholders and the opioid master disbursement trust ii (the "trust") on the terms of a comprehensive financial restructuring plan that will reduce the company's total funded debt by approximately $1.9 billion, increase free cash flow generation, extend maturity runway and better position the business for long-term success. the rsa also provides for, among other consideration, a final payment of $250 million to the trust, in addition to the $450 million previously paid, to support the trust's mission to address the u.s. opioid crisis and fund addiction treatment.
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