Mallinckrodt Ch. 11 Plan Lacks Support For Now, Lenders Say

Law360 (February 22, 2021, 8:18 PM EST) -- An ad hoc group of senior term lenders in the pharmaceutical company Mallinckrodt's bankruptcy case told a Delaware judge late Friday that a Chapter 11 plan proposed by the debtor can't be confirmed and more talks are needed to gain the lenders' support.

In its court filing, the ad hoc group said it didn't oppose Mallinckrodt PLC's efforts to extend the period during which it has the exclusive right to file and solicit creditor votes on a Chapter 11 plan, but the plan as filed does not have the support of enough stakeholders.

Specifically, the group said Mallinckrodt's arguments in support...

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