Thornton Ireland as interim examiner to Mallinckrodt in order to execute a drawn-out restructuring plan that has been shaped in the US after the group filed for bankruptcy in Delaware in late 2020.
Mr Degnan, who is among three Deloitte restructuring parnters that recently handed in their notice to set up an Irish operation of UK-based debt restructuring boutique Interpath Advisory, said Mallinckrodt had a “reasonable prospect of survival”. This is a prerequisite for an examiner to be appointed.
Under the protection of the US court, it agreed to a $1.7 billion settlement with 47 states and territories to resolve claims over its role in the opioid crisis. It also agreed to pay the US government $260 million to absolve a claim that it underpaid rebates on Acthar Gel, a hormone treatment to relieve inflammation.
The reorganisation plan, which will reduce its debt by $1.3 billion, was confirmed by the US bankruptcy court of the district of Delaware earlier this month, paving the way for it to endorsed or tweaked by the examinership process. Existing shares will be wiped out under the bankruptcy plan, while guaranteed unsecured bondholders are exchanging debt for ownership of the restructured business.
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