FinanceDublin.com - <b>Deals of the Year 2023: </b>Largest ever Irish Examinership highlights Ireland’s effectiveness in cross-border restructuring

Having filed for Chapter 11 bankruptcy protection in the US to protect itself from a wave of opioid lawsuits, Irish headquartered Mallinckrodt also undertook Irish Examinership as part of a global plan to restructure $5.3 billion worth of long-term debt. The successful move demonstrated the effectiveness and strength of Irish Examinership and schemes of arrangement as a means of achieving restructuring with a cross-border element.

In the largest ever Examinership by debt value to be restructured in Ireland, pharmaceutical company Mallinckrodt Plc entered into examinership in February 2022. Headquartered in Ireland for tax purposes, Mallinckrodt filed for Chapter 11 bankruptcy protection in the US in October 2020 to deal with lawsuits arising from that country’s opioid epidemic. The Irish Examinership was part of a global plan to restructure $5.3 billion worth of long-term debt arising from the opioid litigation.

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