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Mallinckrodt eyes emergence in days as Irish court confirms scheme
By Sarah Lizee
Olympia, Wash., Nov. 10 – Mallinckrodt plc said the High Court of Ireland has issued an order confirming a scheme of arrangement between the company, its creditors and shareholders as proposed by the examiner of the company, according to a Friday morning press release.
As previously reported, Mallinckrodt's plan of reorganization was confirmed by the U.S. Bankruptcy Court for the District of Delaware on Oct. 10.
The Irish high court also issued an order that the scheme will become effective on the same date that the plan becomes effective.
This is when the scheme will become binding on the company, its creditors and shareholders as a matter of the laws of Ireland, the examinership proceedings will conclude, and the company will cease to be under the protection of the Irish high court.
The confirmation of the scheme by the Irish high court, and its subsequent effectiveness, satisfies a key condition to the consummation of the plan.
Confirmation of the scheme also enables the company to implement important aspects of the plan in line with the laws of Ireland.
Mallinckrodt said it intends to emerge from the Chapter 11 process in the coming days.
Effectiveness of the plan remains subject to the satisfaction or waiver of other conditions.
Latham & Watkins LLP, Wachtell, Lipton, Rosen & Katz, Arthur Cox LLP, Richards, Layton & Finger PA and Hogan Lovells US LLP are serving as Mallinckrodt's counsel.
Guggenheim Securities, LLC is serving as investment banker, and AlixPartners LLP is serving as restructuring adviser.
Mallinckrodt is a Dublin-based developer, manufacturer, marketer and distributor of specialty pharmaceutical products and therapies. The company filed its second Chapter 11 bankruptcy on Aug. 23 under case number 23-11258.
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