Rhode Island Balks At Mallinckrodt Ch. 11's CEO Release
By Vince Sullivan (October 13, 2021, 6:13 PM EDT) -- The state of Rhode Island objected Wednesday to the proposed Chapter 11 plan of drugmaker Mallinckrodt PLC, telling a Delaware bankruptcy court that the plan seeks to provide impermissible releases of the state's claims against the debtor's CEO in Rhode Island court.
In its objection, Rhode Island said Mallinckrodt's plan would extinguish the state's claims against non-debtor party Mark C. Trudeau — Mallinckrodt's president, CEO and board member — brought in state court prior to the bankruptcy filing alleging Trudeau contributed to the flow of opioids into Rhode Island through negligence.
Trudeau would escape any potential liability despite the release not...
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