Keenova Therapeutics plc: going-concern / distress — Mallinckrodt files prepackaged Chapter 11 to cut $1.9B debt; expects Q4 2023 emergence

Keenova Therapeutics plc

Filed prepackaged Chapter 11 on Aug 28, 2023, with support from >85% of first/second lien debtholders and opioid trust.
Plan reduces total funded debt by ~$1.9B; expects to emerge in Q4 2023.
Made final $250M payment to Opioid Master Disbursement Trust II on Aug 24, total $700M paid.
Will have >$450M liquidity (cash, $250M new financing, ABL availability) during Chapter 11.
Received grand jury subpoena from USAO Western Virginia on Aug 22 regarding controlled substance reporting.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Keenova Therapeutics plc entered chapter 11 in U.S. Bankruptcy Court for the District of Delaware (petition 2023-08-28).

Proceeding: chapter 11
Court: U.S. Bankruptcy Court for the District of Delaware
Petition: 2023-08-28

Exact text from the filing

on August 28, 2023 (the “Petition Date”), the Company and certain of its subsidiaries voluntarily initiated proceedings (the “Chapter 11 Cases”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).

View on SEC.gov

Browse all distress & bankruptcy →

Source: SEC EDGAR

accession 0001104659-23-095504

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.