Mallinckrodt Noteholders Say They're Owed $94M For Default

By Rick Archer (May 18, 2022, 7:28 PM EDT) -- A group of Mallinckrodt noteholders has asked a Delaware federal judge to overrule a bankruptcy judge's finding that they weren't owed a $94 million payment due to the drugmaker's Chapter 11, saying the judge's determination that they were fully compensated was wrong.

In an appeals brief filed on Tuesday, the ad hoc first-lien noteholders group said U.S. Bankruptcy Judge John T. Dorsey was incorrect to find that because their notes are being reinstated in full, the noteholders were not impaired by Mallinckrodt's Chapter 11 plan, despite not getting a make-whole payment that the group says they have a contractual right to...

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