Mallinckrodt PLC 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. As part of the prepackaged restructuring plan, the company has settled all claims with the Opioid Master Trust. We lowered our long-term issuer credit rating on Mallinckrodt to 'D' from 'SD'. All of our issue-level ratings on the company are also rated 'D'. We intend to reevaluate our ratings when the company emerges from the Chapter 11 proceedings. The downgrade follows Mallinckrodt's announcement that it has entered into a restructuring support agreement with over 85% of its first- and second-lien debtholders and the Opioid Master Trust. In addition, Mallinckrodt, substantially all of its U.S.
