Mallinckrodt Can Use Lender Cash As Ch. 11 Probe Proceeds
Law360 (November 20, 2020, 8:10 PM EST) -- A Delaware judge on Friday cleared global drugmaker Mallinckrodt PLC to continue using lender cash to fund its Chapter 11 case after an agreement was struck with unsecured creditors and opioid tort claimants to free up more money and time to investigate possible litigation claims.
During a virtual hearing, U.S. Bankruptcy Judge John T. Dorsey approved the final order for Mallincrokdt to continue using cash collateral to fund operations during its Chapter 11 after the pharmaceutical company's counsel informed him it brokered a deal with stakeholders on some sticking points over the probe.
"We are very pleased to reach this resolution,"...
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