Mallinckrodt debt trades lower after settlement finalized; Superior Energy active

By James McCandless

San Antonio, Sept. 30 – The new week in the distressed market began with attention paid to pharma and energy names.

Mallinckrodt plc’s notes moved lower after the company announced that it had finalized a settlement with two Ohio counties.

The 5 5/8% senior notes due 2023 lost 1½ points to close at 32 bid. The 5½% senior notes due 2025 fell 1 point to close at 29½ bid.

On Monday morning, the Staines-upon-Thames, England-based drug maker said that it had finalized a $30 million settlement with the Ohio counties of Cuyahoga and Summit.

The deal was tentatively reached earlier this month as the two entities had opened litigation against the company over opioid epidemic-related charges.

Sector peer Endo International plc’s issues improved as the company agreed to drop a lawsuit against the Food and Drug Administration.

In energy, Superior Energy Services, Inc.’s paper varied in the wake of the delisting of its common stock.

The 7 1/8% senior notes due 2021 slid ½ point to close at 67½ bid. The 7¾% senior paper due 2024 improved by ½ point to close at 59 bid.

Last week, the Houston-based oilfield services provider said that its common stock had been delisted from the New York Stock Exchange, with the exchange citing “abnormally low price levels.”

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