Mallinckrodt to Pay Executive Bonuses as Opioid Cases Loom
- Drug distributor says opioid liability may lead to Chapter 11
- Company pays $4.2 million in retention bonuses to top managers
This article is for subscribers only.
Mallinckrodt Plc plans to pay more than $4.2 million in bonuses to retain top executives, as the drugmaker looks to avoid bankruptcy and settle more than 2,500 state and local government lawsuits over its handling of opioid painkillers.
The St. Louis-based drug distributor said in a Nov. 5 securities filing that it, or one of its units, may have to restructure the company’s “obligations in a bankruptcy proceeding” if a global deal can’t be reached to wipe out all opioid liability.