Mallinckrodt (MNK) Stock

Mallinckrodt PLC made it official Monday, with the Dublin, Ireland-based drugmaker filing for bankruptcy for the second time in three years after struggling to make settlement payments for its role in the opioid crisis.

Drugmaker Mallinckrodt on Monday said the company and some of its units have filed for a second bankruptcy in 3 years in the U.S., with the newest restructuring plan set to reduce its debt by about $1.9 billion.

Mallinckrodt PLC (NYSE:MNK) said it plans to initiate voluntary prepackaged Chapter 11 bankruptcy proceedings in the US in a matter of days to give it room to restructure its debt and reduce the amount it owes to opioid victims. Its shares fell 18% to $0.48 shortly before midday in New York, taking their year-to-date loss to 94%.

Mallinckrodt (NYSEMKT: MNK ) stock isn't doing so hot on Wednesday after the pharmaceutical company gets ready for another bankruptcy filing. A press release from Mallinckrodt notes that it's going to file for bankruptcy in the coming days.

Mallinckrodt is planning to start bankruptcy proceedings in the coming days, the U.S. drugmaker said on Wednesday, as it struggles to make required settlement payments for lawsuits alleging that it helped fuel the U.S. opioid crisis.

Mallinckrodt PLC MNK, +5.09% said Wednesday it has entered a Restructuring Support Agreement with most of its first and second lien debtholders and the Opioid Master Disbursement Trust II on the terms of a restructuring that will see it reduce its debt by about $1.9 billion. The agreement includes a final payment of $250 million to the Trust, on top of the $450 million already paid, to support its work on the opioid crisis and to fund addiction programs.

Drugmaker Mallinckrodt is talking to hedge funds about filing for bankruptcy and avoiding payments intended to help people addicted to opioids, the Wall Street Journal reported on Wednesday.

Shares of Mallinckrodt PLC MNK, +4.35% rose 5.5% in afternoon trading Friday, after the drugmaker disclosed that it will once again delay the $200 million opioid-settlement payment by a week, following discussions with the Opioid Master Disbursement Trust II. The payment was originally scheduled for June 16, but the company has kept delaying payment a week at a time, as its board of directors continues to hold talks with stakeholders about its capital position and financial obligations.

Mallinckrodt PLC MNK shares surged in the extended session Thursday after the Dublin-based drug maker and distributor said it was open to proposed transactions as it keeps delaying a payment under an opioid settlement. Shares rallied as much as 15%, and were last up around 9% in late Thursday activity, following a 5.3% decline top close Thursday at $1.08 a share.