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...

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!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!