Mallinckrodt Creditors Question Ch. 11 Drug Sale Process
Law360 (June 11, 2021, 10:12 PM EDT) -- The official committee of unsecured creditors in the Chapter 11 case of drugmaker Mallinckrodt PLC objected on Friday to the company's proposed sale of a development-stage pharmaceutical, saying the company didn't run an adequate marketing process and is seeking to sell the asset at too low of a price.
In the filing, the committee said Mallinckrodt's proposal to sell the assets related to VTS-270, a drug in late-stage clinical trials for the treatment of a rare neurodegenerative disease, came after a limited marketing process conducted by the debtor's employees and not by an investment banker.
The $1.75 million sale price included...
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