Mallinckrodt Bondholders ‘Frustrated And Concerned,’ Lawyer Says

A group of Mallinckrodt Plc bondholders has grown “frustrated and concerned” with the drugmaker’s ongoing bankruptcy, Alice Eaton of law firm Paul Weiss said on behalf of the holders in a hearing Monday.

• The reorganization is not moving fast enough, Eaton said, and the company is “suffering sluggishness by being under the microscope of bankruptcy”
  • The noteholder group, which as of July counted Aurelius Capital Management and Oaktree Capital Management among its members, have been supportive of Mallinckrodt’s reorganization since it began almost a year ago
• The bondholders are “paying for those costs in the form of diminished recoveries,” Eaton ...