Move partly aimed at reducing the amount the drugmaker owes to victims of the opioid crisis
Mallinckrodt's shares have already lost about 92 per cent of their value this year. Photograph: iStockDrugmaker Mallinckrodt said on Wednesday it expects to initiate bankruptcy proceedings in the coming days, the second filing in three years, in order to reduce the amount it owes to victims of the opioid crisis and cut its debt obligations.
The company will make a one-time and final payment of $250 million to the trust in addition to $450 million it has paid, out of the $1.7 billion litigation settlement amount it was required to pay.
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