Creditors vs. opiate trust fund

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anonymous

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anonymous said:
Could this mean another bankruptcy coming!

Mallinckrodt Lenders Pitch Restructuring as Opioid Payment Nears
Mallinckrodt Lenders Pitch Restructuring as Opioid Payment Nears
"A group of first-lien lenders to Mallinckrodt Plc has pitched a proposal to the drugmaker that would allow them to bid for the company’s assets through another bankruptcy..."

Mallinckrodt’s Bond Falls Amid Settlement Payments Pressure
Mallinckrodt’s Bond Falls Amid Settlement Payments Pressure
Click to expand...
.14 cents I think
 


Let’s be real. The first bankruptcy deal didn’t go far enough. The new execs coming in knew or likely
Knew they could not make it thru 2023 making all the payments that were due.
They took a calculated risk and we r seeing it play out. Let’s see if the opioid plaintiffs blink on delaying their payment for 2 years in return for a higher payment.
Will know in 10 days. If not they pay the 200 million and we go thru this again in the fall. Pay, delay or bankruptcy and again in 2024. It’s just business.
 










There is always a discussion about culture at this place yet. What’s the culture, we are changing the culture, stick with us we are making changes.
I’ve been here just over a year and have been a told how deceptive the prior leadership was. This new leadership smiles a lot but is not better or transparent and they shale your hand but with their other hand they reach into your pocket and take your benefits. Regardless of what happens next week if you aren’t actively looking for a new job there is no getting through to you.
 


who is interviewing to work here?
Stock down 90% in six months and on eve of a second bankruptcy in under a year joining your company is exactly where I want to be.
Are u gonna sell terli3crls-pressin?
I mean Acthar has problems but I’d imagine the doctors even if excited about terli3crls will be slow to adopt based on the safety profile. MNKTitanic.
 






Looks like "Ch 22" aka 2nd bankruptcy (Ch 11 X2) is being messaged to the SEC.
https://ir.mallinckrodt.com/static-files/f98b3f03-295f-4a2b-92aa-2376e95779d9

"As the Board continues to evaluate alternatives, on June 15, 2023, the Company determined not to make interest payments that were due that date on its (i) 11.500% First Lien Senior Secured Notes due 2028 (the “2028 First Lien Notes”) and (ii) 10.000% Second Lien Senior Secured Notes due 2029 (the “2029 Second Lien Notes”)."...triggering a default
"The determination not to make the interest payments due June 15, 2023, under the 2028 First Lien Notes and the 2029 Second Lien Notes reflects that the Company continues to consider potential alternatives, including filing for protection under the U.S. Bankruptcy Code, but no definitive decision has been made and the Company continues to engage in discussions with various stakeholders."
 


It’s just a balance sheet issue according to the guy from leadership. Business is strong he said as he subconsciously buried his head in his hands and shook his head from side to side. Everyone was texting about that right after. Sad.
 



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