(Reuters) -Mallinckrodt said on Wednesday it was planning to file for bankruptcy protection, for a second time in three years as it struggles to pay victims of the opioid crisis, sending the shares of the U.S. drugmaker down 22% in premarket trading.
The company had recently signed a restructuring agreement for a one-time payment of $250 million to an opioids victims trust, in addition to $450 million it had previously paid.
It had emerged from bankruptcy last year after winning court approval for a reorganization plan that included a $1.7 billion settlement. It had previously failed to make a $200 million payment to the trust due in June.
As part of its latest agreement with lenders and the trust, Mallinckrodt will reduce its total debt by about $1.9 billion.
The Ireland-based company, one of the largest manufacturers of opioids, also makes generic and branded drugs such as Acthar Gel, which is used to treat multiple sclerosis and infantile spasms.
(Reporting by Pratik Jain, Mariam Sunny and Khushi Mandowara in Bengaluru; Editing by Maju Samuel)
