Subsequent Events

3 Months Ended

Apr. 01, 2022

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events

Bankruptcy Proceedings

Mallinckrodt plc has substantively concluded an examinership process before the High Court of Ireland, which made an order on April 27, 2022 confirming a scheme of arrangement (the "Scheme") that implements certain aspects of the Plan as a matter of the laws of Ireland. The confirmation of the Scheme by the High Court of Ireland (and its subsequent effectiveness) satisfies a key condition to the consummation of the Plan. The Scheme will become effective concurrently with the effectiveness of the Plan, which remains subject to the satisfaction or waiver of certain other conditions.

The Company has commenced a process to raise exit financing, which is expected to close upon emergence from the Chapter 11 bankruptcy process.

Commitments and Contingencies

Certain litigation matters occurred during the three months ended April 1, 2022 or prior, but had subsequent updates through the issuance of this report. See further discussion in Note 12.