Mallinckrodt Creditors Say Ch. 11 Plan Understates Revenues
By Jeff Montgomery (September 13, 2021, 7:11 PM EDT) -- Senior creditors of bankrupt drugmaker Mallinckrodt Corp. have objected to confirmation of its multibillion-dollar Chapter 11 plan, arguing that the company failed to take into account worldwide revenues from a breakthrough skin graft substitute recently approved by the Food and Drug Administration.
Burlingame Investment Group said late Friday that Mallinckrodt could see $75 million annually in new free cash flow worldwide in 2022 and $695 million annually from 2023 to 2032 from the StrataGraft alternative, but factored only $59 million from annual domestic sales into its plan.
"Furthermore, we believe the debtors have not included other products in the pipeline to...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!