Embattled drugmaker Mallinckrodt PLC, one of the nation’s largest opioid producers, failed to win approval of a $700 million debt swap, WSJ Pro Bankruptcy reported. The company said on Friday that only a small group of bondholders agreed to extend debt due within months by a deadline this week, leaving the opioid manufacturer with more than $600 million in notes due in April. The drugmaker is among the manufacturers, including Purdue Pharma LP, accused by states, counties and municipalities of helping to cause a public health crisis by promoting and distributing opioid products. The company has denied the allegations. Still, Mallinckrodt warned last month that it may have to file for bankruptcy because of liabilities tied to the opioid crisis. Earlier this week, executives told investors that in addition to the pending debt maturities, the company could face another cash demand because of a pricing dispute tied to its Acthar Gel with the Centers for Medicare and Medicaid Services.
