In June 2022, Irish headquartered US pharmaceutical group Mallinckrodt exited examinership and a Chapter 11 bankruptcy scheme energised and imbued with a sense of optimism. The group had not only gotten $1.3 billion in debts wiped from its books, in one fell swoop it had managed to settle litigation involving thousands of US opioid victims – legal claims that had pushed the pharmaceutical company to the brink of extinction. Under the terms of the global settlement, Mallinckrodt, a major opioid producer, agreed to pay $1.725bn to an opioid trust over 8 years, including a $450 million upfront payment. The money…

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