Mallinckrodt PLC recently announced that it has voluntarily initiated Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware to modify its capital structure, including to restructure portions of its debt and resolve several billion dollars of potential legal liabilities. We are lowering our long-term issuer credit rating and all of our issue-level ratings on Mallinckrodt to 'D'. We intend to reevaluate our ratings when the company emerges from the Chapter 11 proceedings. We are lowering our ratings on Mallinckrodt PLC to 'D', including our long-term issuer credit rating and issue-level ratings, due to its its recent filing of Chapter 11 petitions that include the parent entity, substantially all of its U.S. subsidiaries, and certain international subsidiaries.
