Mallinckrodt falls 19% following planned bankruptcy filing

FuzzMartin

• Mallinckrodt (NYSE:MNK) closed down ~19% Wednesday after announcing earlier in the day it would initiate voluntary prepackaged Chapter 11 proceedings.
• The bankruptcy marks the second for the troubled pharma in three years.
• Mallinckrodt (MNK) is deep in debt due to settlements related to its alleged role in the nation's opioid crisis.
• A restructuring plan will reduce the company's total funded debt by about $1.9B and increase free cash flow generation.

More on Mallinckrodt

• Mallinkrodt stock sinks 25% amid interest payment deal
• Mallinckrodt in talks with hedge funds about bankruptcy filing - WSJ
• Mallinckrodt delays $200M settlement payment again as it mulls bankruptcy