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Drugmaker Mallinckrodt Buys Time for Lawsuits With New Debt Swap

April 7, 2020, 9:50 PM

Mallinckrodt Plc, the maker of opioids and other drugs, struck a deal with lenders including hedge fund Aurelius Capital Management and Franklin Advisers that buys it five more years to repay a chunk of its billions in debt, according to a regulatory filing from the company.

The deal, to swap the lenders’ 2020 notes for more senior bonds due 2025, gives Mallinckrodt liquidity in the near term to address billions in legal claims tied to its alleged role in the nation’s opioid crisis. The swap exchanges about $495 million in notes for longer-dated bonds secured by liens on the...

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