Mallinckrodt Initiates Voluntary Prepackaged Chapter 11 Proceedings
Portfolio Pulse from Benzinga Newsdesk
Pharmaceutical company Mallinckrodt has initiated voluntary prepackaged Chapter 11 bankruptcy proceedings. The move is aimed at resolving several lawsuits and reducing the company's debt.
August 28, 2023 | 5:04 am
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Mallinckrodt's initiation of Chapter 11 proceedings is likely to negatively impact its stock price in the short term.
Bankruptcy proceedings typically lead to a decrease in a company's stock price as it indicates financial distress. Investors may sell off their shares due to the uncertainty surrounding the company's future.
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