Top Mallinckrodt Creditor Opposes Del. Ch. 11 Strategy

Law360 (October 14, 2020, 10:18 PM EDT) -- A top Mallinckrodt PLC lender group warned Wednesday that it opposes the bankrupt global drugmaker's "flawed" plan to shed $1 billion of its debt in a Delaware Chapter 11 that also seeks nearly $2 billion in multiyear settlements for opioid suits and other claims.

Scott J. Greenberg, counsel to the drug company's ad hoc group of first-lien term lenders, told U.S. Bankruptcy Judge John T. Dorsey in a hearing that Mallinckrodt's $5.3 billion debt restructuring was developed with "zero input" from his group, made up of Mallinckrodt's largest and most-senior lenders.

Greenberg's summary was among several speed bumps raised by attorneys representing groups involved...

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