At the High Court on Monday, Mr Justice Michael Quinn said he was satisfied to appoint Michael McAteer of Grant Thornton as interim examiner to Mallinckrodt Public Limited Company.
He said the provisional examiner could immediately bring his expertise and judgment to bear on the plan and this was critical to ensure confidence in the company. This, he ruled, was “sufficient justification” for the appointment pending a hearing of the petition later this month. Existing shares will be wiped out under the bankruptcy plan, while guaranteed unsecured bondholders are exchanging debt for ownership in the reorganised business.
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