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October 12, 2020

Mallinckrodt Secures Broad Consensus with Key Stakeholders on Comprehensive Chapter 11 Restructuring

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Specialty Brands Information and Resources

Stakeholder Factsheet

Customer Information

Supplier Information

Partner Information

Retiree Information

Trade Association and Advocacy Group Information

Specialty Generics/API Information and Resources

Stakeholder Factsheet

Customer Information

Supplier Information

Retiree Information

Trade Association and Advocacy Group Information

Investor Information

Investor FAQ

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Term Sheet and Additional Materials

Term Sheet

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Additional Materials

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Taking Actions to Achieve a Comprehensive Chapter 11 Restructuring

On October 12, 2020, Mallinckrodt announced important actions the Company is taking to strengthen its financial position and resolve a range of legal liabilities, enabling it to focus on achieving its long-term strategic plans.

Mallinckrodt has entered into several key agreements, including:

  • A restructuring support agreement with key creditors and litigation parties outlining the terms of a financial restructuring designed to strengthen the Company’s balance sheet, significantly reduce its debt and improve its financial position, allowing the Company to continue driving its strategic priorities and investing in its business to develop and commercialize therapies to improve health outcomes for patients;
  • An agreement in principle on an amended proposed opioid settlement that would resolve opioid-related claims against Mallinckrodt and its subsidiaries; and
  • An agreement in principle with the government to resolve various Acthar® Gel-related matters, including the CMS Medicaid rebate dispute.

To implement these agreements in a fair, orderly, efficient and legally binding manner, the Company has voluntarily initiated Chapter 11 proceedings under the U.S. Bankruptcy Code. The entities that are part of this court-supervised process include Mallinckrodt plc, substantially all of its U.S. subsidiaries, including its Specialty Brands and Specialty Generics entities, and certain of its international subsidiaries.

Mallinckrodt is now on a clear path to eliminating legal uncertainties, maximizing value, strengthening its balance sheet and moving ahead with its strategic plans.

Our Mission Remains the Same

The Company is continuing to operate all of its businesses normally, with a primary focus on developing new therapies, improving patient health outcomes and supporting underserved patients with severe and critical conditions.

Throughout this court-supervised process, Mallinckrodt expects to:

Continue supporting customers and ensuring patients have uninterrupted access to all of its medicines

Meet its go-forward business obligations

Execute on its strategic priorities

The Company intends to move through this restructuring process as quickly as possible and will continue to provide updates as it makes progress.

Additional Information

Court filings and other information related to the court-supervised process are available:

On a separate website administered by the Company’s claims agent, Prime Clerk, at http://restructuring.primeclerk.com/Mallinckrodt;

By calling Prime Clerk representatives toll-free in the U.S. and Canada at +1-877-467-1570 or +1-347-817-4093 for international calls; or

By emailing MallinckrodtInfo@primeclerk.com.

For all supplier-related inquiries:

Call the Company toll-free in the U.S. at +1-833-954-2209 or +1-314-654-3008 for international calls; or

Email the Company at Supplier.Inquiry@mnk.com.

Investor Relations
Daniel J. Speciale
Vice President, Finance and IRO
314-654-3638
Daniel.Speciale@mnk.com

Media
Michael Freitag / Aaron Palash / Aura Reinhard
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

Government Affairs
Mark Tyndall
Senior Vice President, Government Affairs
& Chief Counsel, Litigation
202-383-0090
Mark.Tyndall@mnk.com