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Press Releases

August 30, 2023

Mallinckrodt Receives Court Approval for “First Day” Motions to Support Ongoing Operations

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August 28, 2023

Mallinckrodt plc Takes Next Step to Implement Comprehensive Financial Restructuring Plan to Address Long-Term Debt and Opioid Obligations

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August 23, 2023

Mallinckrodt plc Enters into Restructuring Support Agreement with Key Stakeholders on the Terms of a Prepackaged Financial Restructuring Plan

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Better Positioning Mallinckrodt for Long-Term Success

We are taking steps to strengthen our balance sheet and better position the business for the future as we continue supporting patients and customers, delivering high-quality therapies and working closely with our business partners.

On August 23, 2023, Mallinckrodt entered into a Restructuring Support Agreement (RSA) with a substantial majority of our first and second lien creditors and the Opioid Trust (Trust) on the terms of a comprehensive financial restructuring plan.

Pursuant to the RSA and with the authorization of the Company’s Board of Directors, Mallinckrodt and certain of its subsidiaries initiated voluntary prepackaged Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware on August 28, 2023.

The U.S. Chapter 11 process provides the legal tools that enable companies to implement agreements and restructure their finances while they continue operating normally. Implementing the financial restructuring plan will:

  • Reduce our total funded debt by approximately $1.9 billion, providing a more manageable debt level and interest payment schedule; and
  • Provide Mallinckrodt with additional financial flexibility as we continue meeting our business obligations to our customers, partners, vendors, suppliers and employees.

The RSA also provides for, among other consideration, a final, one-time payment of $250 million that was made to the Trust on August 24, 2023. This payment, in addition to the $450 million the Company previously paid, is intended to support the Trust’s mission to address the U.S. opioid crisis and fund addiction treatment.

Additionally, Mallinckrodt’s Specialty Generics business will continue to operate under the previously agreed upon operating injunction, which provides for enhanced compliance and independent monitoring measures and has been in place since October 2020.

We look forward to emerging from this process with additional financial flexibility, well-positioned for the future.

Irish Examinership Proceedings

As expected, on September 20, 2023, the Directors of Mallinckrodt plc initiated a legal process in Ireland called an “Examinership” that is necessary to ensure that certain aspects of Mallinckrodt’s Plan of Reorganization (the “Plan”) are implemented under Irish law.

The Examinership process solely involves Mallinckrodt plc. Mallinckrodt Pharmaceuticals Ireland Limited (“MPIL”), which employs the vast majority of the Company’s Irish employees, is a separate Irish company that is indirectly owned by Mallinckrodt plc and is not part of the Chapter 11 process.

The Examinership proceedings are expected to take two to three months to complete. The Company expects to formally emerge from Chapter 11 in the fourth quarter of 2023, as soon as possible following the conclusion of the Irish Examinership proceedings and once the final conditions to the Plan are effective.


As we move forward, we are:

Supporting patients with high-quality therapies

Serving customers

Working normally with our business partners, including expecting to pay vendors and suppliers in full, regardless of when goods and services are delivered

Supporting patient groups and patient advocacy programs and maintaining our robust compliance and monitoring standards

Additional Information

For vendor- and supplier-related inquiries, please contact Mallinckrodt:

Phone: +1-908-238-5650

Investor Relations

Daniel J. Speciale
Senior Vice President, Finance and CFO, Specialty Generics

Derek Belz
Vice President, Investor Relations


Michael Freitag / Aaron Palash / Aura Reinhard / Catherine Simon
Joele Frank, Wilkinson Brimmer Katcher

Government Affairs

Derek Naten
VP, Government Affairs