Attorney General Moody Announces Enhanced Multistate Agreement with Opioid Manufacturer Mallinckrodt as it Enters Bankruptcy
Attorney General Ashley Moody News Release
Attorney General Moody Announces Enhanced Multistate Agreement with Opioid Manufacturer Mallinckrodt as it Enters Bankruptcy
TALLAHASSEE, Fla.—Attorney General Ashley Moody today announced an improved, amended agreement between state attorneys general, local subdivisions, opioid manufacturer Mallinckrodt, its subsidiaries and certain other affiliates. Under the enhanced agreement, MNK will pay $1.6 billion into a trust as described below as part of a pre-packaged bankruptcy along with providing the states and other governmental entities additional consideration. MNK is currently the largest generic opioid manufacturer in the United States. MNK and certain affiliates filed for Chapter 11 bankruptcy in Delaware on Sunday to effectuate the amended settlement. Attorney General Ashley Moody said, “The enhancements to this already strong, global agreement will ensure more money flows to states more quickly to stop the death and destruction brought on by the national opioid crisis. As Florida’s Attorney General, I have made it my mission to combat this deadly crisis destroying Florida families. I am proud to secure this amended agreement with the country’s largest opioid manufacturer. By holding Mallinckrodt accountable for its role in exacerbating the opioid crisis, we move closer to our goal of ending this epidemic and bringing relief to the Florida communities affected.” As part of the amended agreement, MNK will pay $1.6 billion cash into a trust that will go toward abating the opioid crisis nationally. MNK will pay the $1.6 billion according to the following schedule:
- $450 million upon emergence from bankruptcy;
- $200 million annually on the first and second anniversary of emergence from bankruptcy; and
- $150 million annually on the third through seventh anniversaries of emergence from bankruptcy.
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