Shares of the company rose 53.3% to 69 cents in afternoon trade. As part of a prearranged deal, Mallinckrodt will propose to write off about $1 billion from what it still owes to addiction victims and state and local governments, while making a one-time payment of roughly $250 million, the report said, citing people familiar with the discussions. Mallinckrodt did not immediately respond to a Reuters request for comment.
Georgia-based slot machine operator Lucky Bucks filed for bankruptcy Friday, saying that it had reached a deal to cut $500 million in debt and turn over the company's equity to its lenders. Lucky Bucks suffered from increasing interest rates on its debt, an inflationary environment that reduced consumers’ use of slot machines, and a regulatory crackdown on slot machine operators in Georgia, according to its court filings in Wilmington, Delaware bankruptcy court.
United States Bankruptcy Court for the District of Massachusetts denied confirmation of cannabis company employee Chapter 13 plan and dismissed bankruptcy case. Scott H. Blumsack is a general manager who is licensed in Massachusetts to work for Society Cannabis Co.