Mallinckrodt stock falls after decision not to make interest payments, as drug maker continues to mull potential bankruptcy

Shares of Mallinckrodt PLC MNK dropped 4.8% in premarket trading Thursday, after the drug maker disclosed that it decided not to make interest payments that were due on June 15 on two senior secured notes. The company said failing to make the interest payments would constitute and event of default if the failure continues for a period of 30 days, for both the 11.50% First Lien Senior Secured Notes due 2028 and the 10.00% Second Lien Senior Secured Notes due 2029.

The company said failing to make the interest payments would constitute and event of default if the failure continues for a period of 30 days, for both the 11.50% First Lien Senior Secured Notes due 2028 and the 10.00% Second Lien Senior Secured Notes due 2029. The company said decision not to make the interest payments reflects that it continues to consider potential alternatives, including filing for bankruptcy.

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