The High Court has approved a debt restructuring scheme for pharmaceutical firm Mallinckrodt, which is Dublin-based but US-run.
The Irish scheme is due to become binding on a date next month, to coincide with the effective date of the US plan. This will occur when all of the 23 pre-conditions have been satisfied or waived, the judge noted. The opioid manufacturer is pursuing a US court-approved Chapter 11 reorganisation that would set up a $1.6 billion trust to resolve opioid-related claims with US states, local governments and private individuals. It also agreed to pay the US government $260 million to absolve a claim that it underpaid rebates on Acthar Gel, a hormone treatment to relieve inflammation.
The Irish court should not simply “rubber stamp” the US court’s decision, said Mr Justice Quinn, and it must satisfy itself that the test under Irish law has been met.The judge noted there was “overwhelming support” among creditors for the proposals, according to a vote earlier this month.
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