What's Going With Mallinckrodt Stock Today
Portfolio Pulse from Vandana Singh
Mallinckrodt Plc (NYSE:MNK), a financially distressed pharmaceutical company, has paid senior executives $3.4 million in retention bonuses ahead of a possible bankruptcy. The company recently postponed a $200 million payment to a settlement trust for opioid victims and missed interest payments to senior bondholders and lenders. MNK shares are down 21.6% at $1.20.
June 22, 2023 | 6:45 pm
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Mallinckrodt's financial distress and retention bonuses to senior executives may signal a possible bankruptcy, leading to a 21.6% drop in MNK shares.
Mallinckrodt's financial distress, including missed interest payments and postponed settlement payments, combined with the retention bonuses paid to senior executives, indicate a possible bankruptcy. This has led to a significant drop in the company's stock price.
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