Mallinckrodt sees emerging from Chapter 11 in ‘coming days’

Mallinckrodt plc (MNKTQ) announced that the High Court of Ireland has made an Order confirming a scheme of arrangement between the company, its creditors and shareholders as proposed by the Examiner of the company. As previously announced, Mallinckrodt’s Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the District of Delaware on October 10. “The Irish High Court also made 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 certain important aspects of the Plan in accordance with the laws of Ireland. Mallinckrodt intends to emerge from Chapter 11 process, and cause the Plan to become effective, in the coming days. Effectiveness of the Plan remains subject to the satisfaction or waiver of certain other conditions,” the company stated.