Mallinckrodt To Emerge From Chapter 11 In Coming Days
(RTTNews) - Mallinckrodt plc (MNKKQ) announced Monday that it expects to complete its reorganization process, emerge from Chapter 11 and complete the Irish Examinership proceedings in the coming days.
On the effective date of emergence, all of Mallinckrodt's existing ordinary shares will be cancelled pursuant to the Company's Plan of Reorganization and the Irish Scheme of Arrangement.
Mallinckrodt expects to issue at emergence 13.17 million new ordinary shares to its guaranteed unsecured noteholders in accordance with the provisions of the Plan and the Scheme.
In accordance with the Plan, Mallinckrodt also expects to issue at emergence to the opioid claimants 3.29 million warrants, with a strike price of $103.40, and to adopt at emergence a management incentive plan providing for the issuance to management, key employees and directors of the Company of equity awards with respect to up to an aggregate of 1.83 million shares.
Mallinckrodt's new shares are anticipated to trade over-the-counter until such time as the Company relists on a national securities exchange.
TSX Modestly Higher As Financials, Mining Stocks Move Up
Swiss Market Settles Weak
European Stocks Close Lower On Political Concerns, Tariff Worries
U.S. Consumer Confidence Index Edges Lower In August
U.S. Durable Goods Orders Slump 2.8% In July, Much Less Than Expected
Bay Street May Open On Weak Note
U.S. Durable Goods Orders Tumble Less Than Expected In July
