---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-071379"
form_type: "8-K"
ticker: null
cik: "0001567892"
company_name: "Keenova Therapeutics plc"
filed_at: "2023-06-15T23:59:59+00:00"
generated_at: "2026-06-14T00:10:37.334004+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Mallinckrodt skips interest on $1.025B notes, warns of possible Chapter 11

## Summary
- Missed $650M 11.5% First Lien and $375M 10.0% Second Lien note interest due June 15, 2023.
- Non-payment triggers 30-day grace period; event of default could accelerate all principal and interest.
- Cross-default risk on first lien term loans and opioid settlement obligations if default not cured.
- Board continues evaluating alternatives including Chapter 11 filing; no definitive decision made.
- Made $16.5M payment to DOJ under Acthar Gel settlement despite liquidity constraints.

## SEC filing metadata
- accession: 0001104659-23-071379
- form_type: 8-K
- cik: 0001567892
- company_name: Keenova Therapeutics plc
- filed_at: 2023-06-15T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.04, 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1567892/000110465923071379/0001104659-23-071379-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1567892/000110465923071379/tm2318768d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-071379
- JSON: https://secwatch.observer/filing/0001104659-23-071379.json
- Plain text: https://secwatch.observer/filing/0001104659-23-071379.txt

## Key facts
- Debt Financings
  Keenova Therapeutics plc reported a default on senior notes of $375 million at 10.000% maturing due 2029.
  - Instrument: senior notes
  - Principal: $375 million
  - Rate: 10.000%
  - Maturity: due 2029
  - Event: default
  source text: per annum, is payable semi-annually in cash on June 15 and December 15 of each year. The 2029 Second Lien Notes were originally issued in an aggregate principal amount of $375 million on the Effective Date by the Issuers , and are guaranteed by, and secured by liens (which are junior in priority to the liens securing the Company’s first lien
  evidence_url: https://www.sec.gov/Archives/edgar/data/1567892/000110465923071379/0001104659-23-071379-index.htm
- Debt Financings
  Keenova Therapeutics plc reported a default on senior notes of $650 million at 11.500% maturing due 2028.
  - Instrument: senior notes
  - Principal: $650 million
  - Rate: 11.500%
  - Maturity: due 2028
  - Event: default
  source text: and (ii) 10.000% Second Lien Senior Secured Notes due 2029 (the “2029 Second Lien Notes”). The 2028 First Lien Notes were originally issued in an aggregate principal amount of $650 million on June 16, 2022 (the “Effective Date”), by Mallinckrodt International Finance S.A. (“MIFSA”) and Mallinckrodt CB LLC (together with MIFSA, the “Issuers”), each of which is a
  evidence_url: https://www.sec.gov/Archives/edgar/data/1567892/000110465923071379/0001104659-23-071379-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.