Drugmaker Mallinckrodt on Tuesday won court approval for a bankruptcy plan that cuts $1 billion from what it must pay opioid crisis victims, cancels existing equity shares, and trims nearly $2 billion in other debt.
Tag: bankruptcy
After $1.7B Opioid Settlement, Mallinckrodt Readies 2nd Bankruptcy Bid
After floating the idea earlier this month, Mallinckrodt has formally declared its intention to kick off another round of bankruptcy proceedings in the coming days.
Businesses Burned through SPAC Money, Now They’re Running Out of Funds
The SPAC boom took hundreds of risky companies to the stock market. The next stop for many is bankruptcy court.
Silicon Valley Bank’s Former Parent Files for Chapter 11
Silicon Valley Bank’s former parent company filed for Chapter 11 bankruptcy protection on Friday, a week after the U.S. government took over its commercial bank that teetered from a run on deposits.
Chapter 11 Filings a Safe Haven for Boy Scouts, Catholic Dioceses in Sex Abuse Lawsuits
Lawmakers across the country have attempted to provide justice to victims of decades-old incidents of child sexual abuse by allowing them more time to file lawsuits.
Justice Department Blocks ‘Essential’ Marijuana Workers from Bankruptcy Protection
The Justice Department is preventing struggling cannabis businesses and their workers from accessing bankruptcy to weather the coronavirus-related downturn, even in states that determine medical marijuana is an essential industry during the pandemic. The department’s policy means the financial safety net that bankruptcy provides consumers who fall behind on their mortgages or car payments is… Continue reading Justice Department Blocks ‘Essential’ Marijuana Workers from Bankruptcy Protection
Catholic Church, USA Gymnastics, Boy Scouts of America Explore Chapter 11 to Handle Sexual Assault Victims’ Claims
The Archdiocese of Portland was the first to do it. Three months later the Roman Catholic Diocese in Tucson, Ariz., followed suit and three months after that the diocese in Spokane, Wash., did it, too. They all filed for bankruptcy and since then more than 15 other Catholic dioceses and religious orders have filed for… Continue reading Catholic Church, USA Gymnastics, Boy Scouts of America Explore Chapter 11 to Handle Sexual Assault Victims’ Claims