Mallinckrodt Receives Court Approval for "First Day" Motions to Support Ongoing Operations
Retrieved on:
Wednesday, August 30, 2023
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DUBLIN, Aug. 30, 2023 /PRNewswire/ -- Mallinckrodt plc (OTCMKTS: MNKTQ) ("Mallinckrodt" or the "Company"), a global specialty pharmaceutical company, today announced that it has received approvals from the U.S. Bankruptcy Court for the District of Delaware for its "First Day" motions related to the Company's voluntary Chapter 11 petitions filed on August 28, 2023.
Key Points:
- As expected, the Court granted Mallinckrodt approval to access $150 million of the $250 million of commitments for new financing it received from certain of its creditors, as well as new borrowing availability from lenders under its asset-based loans.
- I would also like to thank our customers, vendors, suppliers and other stakeholders for their continued partnership as well as the entire Mallinckrodt team for their continued commitment."
- Latham & Watkins LLP, Wachtell, Lipton, Rosen & Katz, Arthur Cox LLP, Richards, Layton & Finger PA, and Hogan Lovells US LLP are serving as Mallinckrodt's counsel.
- Guggenheim Securities, LLC is serving as investment banker, and AlixPartners LLP is serving as restructuring advisor.