Mallinckrodt Cleared to Collect Votes on Bankruptcy Plan

U.S. Bankruptcy Judge John Dorsey gave conditional approval to Mallinckrodt Plc’s disclosure statement, clearing the way for the drugmaker to collect votes on its plan to exit bankruptcy.

• Dorsey said he’d approve the disclosure statement pending changes discussed in a hearing Wednesday
• Disclosure statement hearing was heavily contested, but Dorsey overruled many objections on the grounds that they should be raised at the plan confirmation hearing itself
• “This will likely be a highly litigious confirmation process,” Anupama Yerramalli said on behalf of Mallinckrodt in the hearing
• The case is Mallinckrodt Plc, 20-12522, U.S. Bankruptcy Court for the District ...