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Mallinckrodt’s Bankruptcy Plan Would Cut Payments to Opioid Victims by $1 Billion [The New York Times]

Medtronic plc. Ordinary Shares (MDT) 
Last medtronic plc. ordinary shares earnings: 2/18 06:45 am Check Earnings Report
US:NYSE Investor Relations: investorrelations.medtronic.com
A major opioid manufacturer that had promised to pay $1.7 billion as compensation over its role in the opioid crisis disclosed on Wednesday that it had reached an agreement with its creditors to reduce the settlement payments by $1 billion.The manufacturer, Mallinckrodt Pharmaceuticals, had originally agreed to pay the $1.7 billion over eight years to state and local governments, individuals and others that had sued the company for helping fuel the opioid crisis. The funds had been earmarked for addiction victims to rebuild their lives and for governments to pay forprioritiesIn aregulatory filing on WednesdayThe plan to cancel a majority of the outstanding payments was devised withbacking from hedge fundsThe revised plan still requires bankruptcy court approval. The company’s chief executive, Siggi Olafsson, said in anews releaseThe original settlement plan, finalized last year as Mallinckrodt exited its first bankruptcy, protected the company and its former executives from future lia Show less Read more
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