RusBankrot
We know everything about bankruptcy
24/11/2024
Sunday
THIS DAY IN HISTORY:
24 November 
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
24 November
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
IRISH PHARMACEUTICAL COMPANY GOES BANKRUPT FOR THE SECOND TIME
Mallinckrodt Pharmaceuticals has announced another restructuring over the past few years. The firm and a number of its structural units appealed to the American justice, intending thus to reduce their debt to creditors by $ 1.9 billion. According to American journalists, to do this, the company must conclude an agreement with leading shareholders and a special trust for victims of opioid drugs.
Mallinckrodt experienced its first bankruptcy in 2020. As Rusbankrot reported, the reason for the lawsuit was a blow to the company's reputation. It came after the US Drug Enforcement Administration (DEA) released the results of its investigation. It follows that from 2006 to 2012, 76 billion opioid drugs were sold in the United States. At the same time, 38% were drugs produced by Mallinckrodt. SpecGx, a subsidiary of Mallinckrodt, has sold 28.9 billion oxycodone tablets in these years.
The firm completed its first bankruptcy process in June 2022. According to the media, it was assumed that the total amount of payments under the settlement of litigation in court would be $ 1.7 billion. However, the firm has paid only $450 million, and still owes $ 250 million. According to experts, the inability to pay the required amount caused the assumption of secondary bankruptcy in 2022.
In a statement that Mallinckrodt filed with the Delaware County Court specializing in bankruptcy proceedings, the assets and liabilities of the company were listed. It is indicated that they range from $1 billion to $10 billion. It is planned that the bankruptcy process will be completed by the end of 2023, if the company is supported by all interested parties.
It is known that according to the results of work in the second quarter of 2023, the pharmaceutical company has $480.6 million left. During this quarter, the firm suffered losses of $748 million. After Mallinckrodt announced another restructuring, its shares lost 18.4% at auction. In total, over the past year, their cost has decreased by 92%.
Mallinckrodt experienced its first bankruptcy in 2020. As Rusbankrot reported, the reason for the lawsuit was a blow to the company's reputation. It came after the US Drug Enforcement Administration (DEA) released the results of its investigation. It follows that from 2006 to 2012, 76 billion opioid drugs were sold in the United States. At the same time, 38% were drugs produced by Mallinckrodt. SpecGx, a subsidiary of Mallinckrodt, has sold 28.9 billion oxycodone tablets in these years.
The firm completed its first bankruptcy process in June 2022. According to the media, it was assumed that the total amount of payments under the settlement of litigation in court would be $ 1.7 billion. However, the firm has paid only $450 million, and still owes $ 250 million. According to experts, the inability to pay the required amount caused the assumption of secondary bankruptcy in 2022.
In a statement that Mallinckrodt filed with the Delaware County Court specializing in bankruptcy proceedings, the assets and liabilities of the company were listed. It is indicated that they range from $1 billion to $10 billion. It is planned that the bankruptcy process will be completed by the end of 2023, if the company is supported by all interested parties.
It is known that according to the results of work in the second quarter of 2023, the pharmaceutical company has $480.6 million left. During this quarter, the firm suffered losses of $748 million. After Mallinckrodt announced another restructuring, its shares lost 18.4% at auction. In total, over the past year, their cost has decreased by 92%.
01.09.2023
