Mallinckrodt board actively evaluating capital needs amid opiod settlement

As previously disclosed, the Board of Directors of Mallinckrodt s engaged in discussions with various stakeholders, including parties holding substantial positions across the Company’s capital structure and representatives of the Opioid Master Disbursement Trust II . The Board is actively evaluating the Company’s capital needs in light of its obligations under its opioid settlement and its long-term debt, and is considering options, including transactions that have been proposed by holders of various series of the Company’s indebtedness and other Company stakeholders, as well as the viewpoints of various parties in interest. As previously disclosed, in connection with these ongoing discussions, on June 15, the Company, certain subsidiaries of the Company and the Trust entered into Amendment to that certain Opioid Deferred Cash Payments Agreement, dated as of June 16, among the Parties which extended to June 23 from June 16, the date on which a $200M payment is required to be made to the Trust. As previously disclosed, (i) on June 22, 2023, pursuant to the Amendment, the Trust provided written notice that it was further extending the due date of the Opioid Deferred Cash Payment from June 23 to June 30 and (ii) on June 29 pursuant to the Amendment, the Trust provided written notice that it was further extending the due date of the Opioid Deferred Cash Payment from June 30 to July 7. ..The Company continues to analyze its situation and engage with various stakeholders, including representatives of the Trust. There can be no assurance of the outcome of this process, including whether or not the Company may make a filing in the near term or later under the U.S. Bankruptcy Code or analogous foreign bankruptcy or insolvency laws.