Joele Frank is handling the Chapter 11 filing of Mallinckrodt as the pharmaceutical company seeks to ease pressure from claims arising from the opioid crisis.
Mallinckrodt is using the bankruptcy to iron out a $1.6B deal with state and local governments to settle the claims made by thousands of plaintiffs.
CEO Mark Trudeau said the company worked diligently during the past several months to evaluate available options "to achieve a comprehensive resolution to the significant litigation and debt issues overhanging our business.”
The board and management determined that Chapter 11 offered the “best opportunity to maximize the value of the enterprise and position the company for the future in light of the current challenges it faces,” he added.
Joele Frank, Wilkinson Brimmer Katcher has Michael Freitag, Aaron Palash and Aura Reinhard on the Mallinckrodt case.