In Re. Mallinckrodt ARD LLC
Debtor(s)
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Case No. 20-12551 Lead Case No. 20-12522
Jointly Administered
Monthly Operating Report Chapter 11
Reporting Period Ended: 08/27/2021 Petition Date: 10/12/2020
Months Pending: 11 Industry Classification: 2 8 3 4
Reporting Method: Accrual Basis Cash Basis
Debtor's Full-Time Employees (current): 0
Debtor's Full-Time Employees (as of date of order for relief): 0
Supporting Documentation (check all that are attached):
(For jointly administered debtors, any required schedules must be provided on a non-consolidated basis for each debtor)
Statement of cash receipts and disbursements
Balance sheet containing the summary and detail of the assets, liabilities and equity (net worth) or deficit Statement of operations (profit or loss statement)
Accounts receivable aging Postpetition liabilities aging Statement of capital assets
Schedule of payments to professionals Schedule of payments to insiders
All bank statements and bank reconciliations for the reporting period
Description of the assets sold or transferred and the terms of the sale or transfer
Signature of Responsible Party Printed Name of Responsible Party
Date
Address /s/ Amanda R. Steele
09/21/2021
Amanda R. Steele, Richards, Layton & Finger, P.A
920 North King Street Wilmington, Delaware 19801
STATEMENT: This Periodic Report is associated with an open bankruptcy case; therefore, Paperwork Reduction Act exemption 5 C.F.R.
§ 1320.4(a)(2) applies.
b. Total receipts (net of transfers between accounts) $81,707,760 $0
c. Total disbursements (net of transfers between accounts) $20,167,392 $0
d. Cash balance end of month (a+b-c) $132,996,589
e. Disbursements made by third party for the benefit of the estate $0 $0
f. Total disbursements for quarterly fee calculation (c+e) $20,167,392 $0
Part 2: Asset and Liability Status Current Month
(Not generally applicable to Individual Debtors. See Instructions.)
a. Accounts receivable (total net of allowance) $51,093,487
b. Accounts receivable over 90 days outstanding (net of allowance) $1,587,809
c. Inventory ( Book Market Other (attach explanation)) $195,083,360
d Total current assets $341,412,398
e. Total assets $526,742,419
f. Postpetition payables (excluding taxes) $231,410,942
g. Postpetition payables past due (excluding taxes) $339,249
h. Postpetition taxes payable $3
i. Postpetition taxes past due $0
j. Total postpetition debt (f+h) $231,410,945
k. Prepetition secured debt $0
l. Prepetition priority debt $0
m. Prepetition unsecured debt $644,608,559
n. Total liabilities (debt) (j+k+l+m) $876,019,504
o. Ending equity/net worth (e-n) $-349,277,085
Part 3: Assets Sold or Transferred Current Month Cumulative
a. Total cash sales price for assets sold/transferred outside the ordinary
course of business $0 $0
b. Total payments to third parties incident to assets being sold/transferred
outside the ordinary course of business $0 $0
c. Net cash proceeds from assets sold/transferred outside the ordinary
course of business (a-b) $0 $0
Part 4: Income Statement (Statement of Operations) Current Month Cumulative (Not generally applicable to Individual Debtors. See Instructions.)
a. Gross income/sales (net of returns and allowances) $53,123,733
b. Cost of goods sold (inclusive of depreciation, if applicable) $1,871,873
c. Gross profit (a-b) $51,251,860
d. Selling expenses $11,001,227
e. General and administrative expenses $-7,018,687
f. Other expenses $0
g. Depreciation and/or amortization (not included in 4b) $22,242
h. Interest $0
i. Taxes (local, state, and federal) $0
j. Reorganization items $0
k. Profit (loss) $-19,619,172 $0
a. Debtor's professional fees & expenses (bankruptcy) Aggregate Total $0 $0 $0 $0 Itemized Breakdown by Firm
Firm Name Role
i $0 $0 $0 $0
ii $0 $0 $0 $0
Approved
Current Month
Approved Cumulative
Paid Current Month
Paid Cumulative
b. Debtor's professional fees & expenses (nonbankruptcy) Aggregate Total $460 $234,127 $460 $234,127
Itemized Breakdown by Firm
Firm Name Role
i Berkeley Research Group Financial Professional $0 $45,000 $0 $45,000
ii Cornerstone Research Financial Professional $0 $39,097 $0 $39,097
iii IpHorgan Ltd Special Counsel $0 $6,437 $0 $6,437
iv Kleinfeld, Kaplan & Becker, LLSpecial Counsel $0 $14,782 $0 $14,782
v Marshall Dennehey Warner Col Special Counsel $0 $4,618 $0 $4,618
vi Polsinelli PC Special Counsel $460 $17,903 $460 $17,903
vii Post & Schell, PC Special Counsel $0 $1,834 $0 $1,834
viii Skadden Arps Slate Meagher anSpecial Counsel $0 $97,711 $0 $97,711
ix Williams McCarthy LLP Special Counsel $0 $6,745 $0 $6,745
x $0 $0 $0 $0
c. All professional fees and expenses (debtor & committees) $460 $234,127 $460 $234,127
Part 6: Postpetition Taxes Current Month Cumulative
a. Postpetition income taxes accrued (local, state, and federal) $0 $0
b. Postpetition income taxes paid (local, state, and federal) $0 $0
c. Postpetition employer payroll taxes accrued $110,257 $992,145
d. Postpetition employer payroll taxes paid $0 $0
e. Postpetition property taxes paid $0 $0
f. Postpetition other taxes accrued (local, state, and federal) $0 $0
g. Postpetition other taxes paid (local, state, and federal) $0 $0
Part 7: Questionnaire - During this reporting period:
a. Were any payments made on prepetition debt? (if yes, see Instructions) Yes No b. Were any payments made outside the ordinary course of business Yes No
without court approval? (if yes, see Instructions)
c. Were any payments made to or on behalf of insiders? Yes No
d. Are you current on postpetition tax return filings? Yes No
e. Are you current on postpetition estimated tax payments? Yes No f. Were all trust fund taxes remitted on a current basis? Yes No g. Was there any postpetition borrowing, other than trade credit? Yes No
(if yes, see Instructions)
If yes, are your premiums current? Yes No N/A (if no, see Instructions)
Casualty/property insurance? Yes No
If yes, are your premiums current? Yes No N/A (if no, see Instructions)
General liability insurance? Yes No
If yes, are your premiums current? Yes No N/A (if no, see Instructions) j. Has a plan of reorganization been filed with the court? Yes No
k. Has a disclosure statement been filed with the court? Yes No l. Are you current with quarterly U.S. Trustee fees as
set forth under 28 U.S.C. § 1930 ?
Yes No
Part 8: Individual Chapter 11 Debtors (Only)
a. Gross income (receipts) from salary and wages $0
b. Gross income (receipts) from self-employment $0
c. Gross income from all other sources $0
d. Total income in the reporting period (a+b+c) $0
e. Payroll deductions $0
f. Self-employment related expenses $0
g. Living expenses $0
h. All other expenses $0
i. Total expenses in the reporting period (e+f+g+h) $0
j. Difference between total income and total expenses (d-i) $0
k. List the total amount of all postpetition debts that are past due $0 l. Are you required to pay any Domestic Support Obligations as defined by 11
U.S.C § 101(14A)?
Yes No
m. If yes, have you made all Domestic Support Obligation payments? Yes No N/A
U.S.C. § 1930(a)(6). The United States Trustee will also use this information to evaluate a chapter 11 debtor's progress through the bankruptcy system, including the likelihood of a plan of reorganization being confirmed and whether the case is being prosecuted in good faith. This information may be disclosed to a bankruptcy trustee or examiner when the information is needed to perform the trustee's or examiner's duties or to the appropriate federal, state, local, regulatory, tribal, or foreign law enforcement agency when the information indicates a violation or potential violation of law. Other disclosures may be made for routine purposes. For a discussion of the types of routine disclosures that may be made, you may consult the Executive Office for United States Trustee's systems of records notice, UST-001, "Bankruptcy Case Files and Associated Records." See 71 Fed. Reg. 59,818 et seq. (Oct. 11, 2006). A copy of the notice may be obtained at the following link: http://
www.justice.gov/ust/eo/rules_regulations/index.htm. Failure to provide this information could result in the dismissal or conversion of your bankruptcy case or other action by the United States Trustee. 11 U.S.C. § 1112(b)(4)(F).
I declare under penalty of perjury that the foregoing Monthly Operating Report and its supporting documentation are true and correct and that I have been authorized to sign this report on behalf of the estate.
/s/ Bryan M. Reasons
Signature of Responsible Party
Executive Vice President and Chief Financial Officer
Printed Name of Responsible Party
09/21/2021
Date Title
Bryan M. Reasons
Reporting Period: July 24, 2021 – August 27, 2021
SUPPORTING DOCUMENTATION TO UST FORM 11-MOR
REQUIRED DOCUMENTS Form No. Document
Attached Explanation Attached
Schedule of Cash Receipts and Disbursements MOR-1 x
Statement of Operations MOR-2 x
Balance Sheet MOR-3 x
Notes to the Monthly Operating Report
General:
The report includes activity from the following Debtors and related Case Numbers:
Debtor Name Case No.
Mallinckrodt plc 20-12522 (JTD)
Acthar IP Unlimited Company 20-12524 (JTD)
IMC Exploration Company 20-12526 (JTD)
Infacare Pharmaceutical Corporation 20-12528 (JTD)
INO Therapeutics LLC 20-12530 (JTD)
Ludlow LLC 20-12533 (JTD)
MAK LLC 20-12536 (JTD)
Mallinckrodt APAP LLC 20-12537 (JTD)
Mallinckrodt ARD Finance LLC 20-12541 (JTD)
Mallinckrodt ARD Holdings Inc. 20-12543 (JTD)
Mallinckrodt ARD Holdings Limited 20-12546 (JTD)
Mallinckrodt ARD IP Unlimited Company 20-12549 (JTD)
Mallinckrodt ARD LLC 20-12551 (JTD)
Mallinckrodt Brand Pharmaceuticals LLC 20-12554 (JTD) Mallinckrodt Buckingham Unlimited Company 20-12558 (JTD)
Mallinckrodt Canada ULC 20-12561 (JTD)
Mallinckrodt CB LLC 20-12564 (JTD)
Mallinckrodt Critical Care Finance LLC 20-12567 (JTD) Mallinckrodt Enterprises Holdings, Inc. 20-12568 (JTD)
Mallinckrodt Enterprises LLC 20-12572 (JTD)
Mallinckrodt Enterprises UK Limited 20-12574 (JTD)
Mallinckrodt Group S.a.r.l. 20-12527 (JTD)
Mallinckrodt Holdings GmbH 20-12531 (JTD)
Mallinckrodt Hospital Products Inc. 20-12534 (JTD)
Mallinckrodt Hospital Products IP Unlimited Company 20-12538 (JTD)
Mallinckrodt International Finance SA 20-12540 (JTD)
Mallinckrodt International Holdings S.a.r.l. 20-12544 (JTD)
Mallinckrodt IP Unlimited Company 20-12548 (JTD)
Mallinckrodt LLC 20-12521 (JTD)
Mallinckrodt Lux IP S.a.r.l. 20-12553 (JTD)
Mallinckrodt Manufacturing LLC 20-12556 (JTD)
Mallinckrodt Pharma IP Trading Unlimited Company 20-12559 (JTD) Mallinckrodt Pharmaceuticals Ireland Limited 20-12562 (JTD)
Mallinckrodt Pharmaceuticals Limited 20-12565 (JTD)
Mallinckrodt Quincy S.a.r.l. 20-12569 (JTD)
Debtor Name Case No.
Mallinckrodt UK Finance LLP 20-12573 (JTD)
Mallinckrodt U.K. Ltd 20-12576 (JTD)
Mallinckrodt US Holdings LLC 20-12578 (JTD)
Mallinckrodt US Pool LLC 20-12580 (JTD)
Mallinckrodt Veterinary, Inc. 20-12582 (JTD)
Mallinckrodt Windsor Ireland Finance Unlimited Company 20-12583 (JTD)
Mallinckrodt Windsor S.a.r.l. 20-12584 (JTD)
MCCH LLC 20-12525 (JTD)
MEH, Inc. 20-12529 (JTD)
MHP Finance LLC 20-12532 (JTD)
MKG Medical UK Ltd 20-12535 (JTD)
MNK 2011 LLC 20-12539 (JTD)
MUSHI UK Holdings Limited 20-12542 (JTD)
Ocera Therapeutics, Inc. 20-12545 (JTD)
Petten Holdings Inc. 20-12547 (JTD)
SpecGx Holdings LLC 20-12550 (JTD)
SpecGx LLC 20-12552 (JTD)
ST Operations LLC 20-12555 (JTD)
ST Shared Services LLC 20-12557 (JTD)
ST US Holdings LLC 20-12560 (JTD)
ST US Pool LLC 20-12563 (JTD)
Stratatech Corporation 20-12566 (JTD)
Sucampo Holdings Inc. 20-12570 (JTD)
Sucampo Pharma Americas LLC 20-12571 (JTD)
Sucampo Pharmaceuticals, Inc. 20-12575 (JTD)
Therakos, Inc. 20-12577 (JTD)
Vtesse LLC 20-12579 (JTD)
WebsterGx Holdco LLC 20-12581 (JTD)
Mallinckrodt Equinox Finance LLC 20-12523 (JTD)
Introduction: On October 12, 2020 (the “Petition Date”), Mallinckrodt plc and its affiliated debtors and debtors in possession (collectively the “Debtors”) filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101–1532 (the “Bankruptcy Code”) in the District of Delaware, thereby commencing cases jointly administered as In re: Mallinckrodt plc, et al, No. 20-12522 (JTD). The Debtors continue to manage and operate their businesses as debtors in possession under sections 1107 and 1108 of the Bankruptcy Code. On October 27, 2020, the United States Trustee for the District of Delaware appointed an official committee of unsecured creditors and an official committee of opioid related claimants pursuant to section 1102 of the Bankruptcy Code.
Case Progress - Since the Petition Date, the Debtors have continued fulfilling their bankruptcy court requirements and also gained further creditor support for the Debtors’ previously announced Restructuring Support Agreement (“RSA”).
On December 23, 2020, the Debtors filed their Schedules of Assets and Liabilities, detailing assets and liabilities by
legal entity at the Petition Date, and their Statements of Financial Affairs, consisting of 32 questions disclosing sources of
income, transfers of property, lawsuits by creditors and other matters (collectively the “Schedules and Statements”). The
Debtors’ Schedules and Statements are available on the website of the Debtors’ claims agent at https://restructuring.primeclerk.com/Mallinckrodt.
On February 12, 2021, the United States Trustee for the District of Delaware convened and presided at a continuation of the meeting of creditors, pursuant to section 341 of the United States Bankruptcy Code. Members of the Debtors’
management team presented to creditors and to the United States Trustee and answered questions on the bankruptcy filing, on the Schedules and Statements, and on other historical and current matters. Upon the Debtors’ completion of requests, the United States Trustee filed a notice that the meeting was concluded, available on the website of the Debtors’ claims agent on Docket #1560 at https://restructuring.primeclerk.com/Mallinckrodt/Home-DocketInfo.
On March 11, 2021, the Debtors reached an agreement to a joinder and amendment to the RSA with an ad hoc group of first lien term lenders (the “Supporting First Lien Term Loan Lenders”) holding approximately $1.3 billion, in excess of 66.7% of each, of its outstanding senior secured term loans due in 2024 and 2025 (the “First Lien Term Loans”). This joinder and amendment agreement received the required RSA approvals from other parties to the RSA including the supporting unsecured noteholders, the government plaintiff ad hoc committee and the multi-state government entities group. This RSA joinder and amendment provide how the lenders to the First Lien Term Loans are to be treated under the RSA and provide for a mandatory prepayment of $114 million on the First Lien Term Loans for excess cash flow with respect to the fiscal year ended December 25, 2020. Additional information on this joinder and amendment to the RSA is available on the website of the Debtors’ claims agent on Docket # 1631 at https://restructuring.primeclerk.com/Mallinckrodt/Home-DocketInfo.
On April 20, 2021, the Debtors filed their Joint Plan of Reorganization of Mallinckrodt PLC and its Debtor Affiliates Under Chapter 11 of the Bankruptcy Code (the “Plan”) on Docket # 2074 and filed their Disclosure Statement for Joint Chapter 11 Plan of Reorganization of Mallinckrodt PLC and its Debtor Affiliates Under Chapter 11 of the Bankruptcy Code (the
“Disclosure Statement”) on Docket # 2075, available along with subsequent Plan and Disclosure Statement filings at https://restructuring.primeclerk.com/Mallinckrodt/Home-DocketInfo. The Plan provides for the classification and treatment of claims and interests and the Disclosure Statement summarizes the terms of the Plan and certain Plan documents.
On September 3, 2021, the Debtors announced agreements in principle with the Official Committee of Opioid Related Creditors (the “OCC”) and the RSA Parties to support an amended Plan of Reorganization (the “Amended Plan”). The agreement with the OCC follows recently announced agreements to support the Amended Plan that the Debtors reached with the Official Committee of Unsecured Creditors (the “UCC”) and certain holders of the Second Lien Senior Secured Notes due 2025. The Amended Plan is based on the Debtors’ previously announced RSA and includes key legal settlements that resolve, among other claims, opioid claims brought against the Debtors. The terms of all three settlements are filed on Docket #4121 at https://restructuring.primeclerk.com/Mallinckrodt/Home-DocketInfo and with the U.S. Securities and Exchange Commission (the “SEC”) on Form 8-K.
Accounting Principles: This Monthly Operating Report ("MOR") is unaudited and has been prepared solely for the purpose of complying with the Debtors' obligations to provide monthly operating reports during these chapter 11 cases. This MOR is not prepared in accordance with accounting principles generally accepted in the United States of America ("U.S.
GAAP") and does not include all information and disclosures required by U.S. GAAP. The Debtors have prepared this MOR using the best information presently available to them, which has been collected, maintained, and prepared in accordance with their historical accounting practices. This MOR is, thus, true and accurate to the best of the Debtors’ knowledge, information and belief based on current available data.
General Methodology: The Debtors prepared this MOR relying primarily upon the information set forth in their books and records and may exclude information regarding non-Debtor affiliates. Additionally, the information furnished in this report includes primarily normal recurring adjustments, but does not include all the adjustments necessary to ensure that the quarterly and/or annual consolidated financial statements are in accordance with U.S. GAAP, including income tax accruals that would typically be made. Furthermore, the monthly financial information contained herein has not been subjected to the same level of accounting review and testing that the Debtors apply in the preparation of their quarterly and annual consolidated financial information in accordance with U.S. GAAP. Accordingly, upon the application of such procedures, the Debtors believe that the financial information may be subject to change, and these changes could be material.
This is the tenth filing of the MOR since the Petition Date and includes cash activity in MOR-1 for the fiscal month
ended August 27, 2021 and a Statement of Operations and Balance Sheet for fiscal August in MOR-2 and MOR-3. Any
changes to prior period balances will be reflected in the current month’s MOR. Nevertheless, in preparing this MOR, the
Debtors made best efforts to supplement the information set forth in their books and records with additional information concerning transactions that may not have been identified therein.
Each Debtor closes its book and records on the last Friday of the month, based on a “52-53 week” year ending on the last Friday of December.
Carrying Value of Assets: Unless otherwise noted, this MOR reflects the carrying values of the assets as recorded on the Debtors’ books and records as of the end of the month and is not based upon an estimate of their current market value.
The Debtors reserve their right to amend or adjust the value of each asset set forth herein.
Prepetition Liabilities Subject to Compromise: As a result of the Chapter 11 Cases, the payment of certain prepetition indebtedness may be subject to compromise or other treatment under a plan of reorganization. Generally, actions to enforce or otherwise effect payment of pre-Chapter 11 liabilities are stayed. However, the Bankruptcy Court has authorized the Debtors to pay certain prepetition claims subject to certain terms and conditions.
Intercompany Receivables and Payables: Mallinckrodt plc and its subsidiaries operate a complex global business through an optimized multinational legal entity structure (the “Legal Entity Structure”) developed to conduct business, control risks, and manage tax liabilities arising from the manufacturing and distribution of pharmaceuticals through the Specialty Brands (“Brands”) and Specialty Generics (“SGx” or “Generics”) business segments. To effectively use the Legal Entity Structure, the Debtors and Non-Debtor Affiliates engage in intercompany transactions which often include intra and inter jurisdictional subsidiaries. These transactions result from trade activities as well as treasury transactions to manage global cash requirements, tax liabilities, and capitalize entities with debt or equity. Intercompany transactions are governed by distribution and supply agreements (primarily for cross-border activities), service agreements, Cash Management Agreements (“CMA”), and loan documents. Transfer pricing used for product transfers, services, loan interest, and intellectual property royalties is governed by arm’s-length standards and complies with debt document requirements for arm’s-length transactions.
Any transfer pricing used is monitored and documented regularly. Each intercompany transaction is recorded, and the accounting records reflect the amounts due between the various global legal entities. Intercompany transactions are settled either by book entry and/or through cash transfer. Intercompany indebtedness is subordinated to the extent required by the credit documents. Intercompany balances between the Debtors and Non-Debtor Affiliates have not been eliminated in the financial statements contained herein. No conclusion as to the legal obligation nor the related asset valuation associated with these intercompany transactions and balances is made by the presentation herein. The Debtors are authorized to make certain intercompany transactions with Debtor and non-Debtor affiliates as described more fully in the Final Order, (A) Authorizing Continued Use of Existing Cash Management System, Including Maintenance of Existing Bank Accounts, Checks, and Business Forms, (B) Authorizing Continuation of Existing Deposit Practices, (C) Waiving Certain U.S. Trustee Guidelines, (D) Authorizing Continuation of Intercompany Transactions, and (E) Granting Superpriority Status to Postpetition Intercompany Claims [D.I. 552].
Income Taxes: The Debtors’ income tax expense/(benefit), deferred income tax assets and liabilities, current and noncurrent income tax liabilities, and income tax refunds receivable, including those attributable to the tax provisions of the U.S. government enacted Coronavirus Aid, Relief, and Economic Security ("CARES") Act have not been reflected in the legal entity financial statements in MOR-3 as such amounts are recorded on a consolidated basis. As of June 25, 2021, the total combined Debtor-only net tax receivable (payable) balance was $153 million. Since June 25, 2021 through this reporting period for the fiscal month ended August 27, 2021, there have been no significant changes to the combined Debtor-only net tax receivable (payable) and subsequent changes will be reflected in MOR-1, and noted here, as deemed appropriate.
Past Performance: The results of operations contained herein are not necessarily indicative of results that may be expected from any other period or for the full year and may not necessarily reflect the consolidated results of operations, financial position and cash flows of the Debtors in the future. Intercompany transactions have not been eliminated in the financial statements. For the reasons discussed above, the Debtors caution readers not to place undue reliance upon information contained in this MOR.
SEC and Bankruptcy Court Filings: For further information, refer to the consolidated financial statements and
footnotes included in the Company's Annual Report on Form 10-K for the fiscal year ended December 25, 2020 and the
unaudited condensed consolidated financial statements and accompanying footnotes included in the Company’s Quarterly
Report on Form 10-Q for the fiscal quarter ended June 25, 2021, as filed with the SEC. Additional information about the
Chapter 11 Cases, court filings and claims information may be obtained on the website of the Debtors’ claims and noticing
agent at http://restructuring.primeclerk.com/Mallinckrodt.
Reservation of Rights: The Debtors hereby reserve all of their rights to dispute the validity, status, enforceability, or
executory nature of any claim amount, representation or other statement in this MOR and reserve the right to amend or
supplement this MOR, if necessary. In future periods, any changes to prior period balance will be reflected in the current
month’s MOR.
Notes to Supporting Documentation Notes to MOR-1
Cash is received and disbursed by the Debtors as described in the Debtors' motion to approve continued use of their cash management system which was granted on a final basis pursuant to an order entered by the Bankruptcy Court on November 19, 2020 [D.I. 552] and is consistent with the Debtor's historical cash management practices.
Cash activity related to intercompany transfers among the Debtors are excluded from cash receipts and disbursements.
Notes to MOR-1a:
Attached is a listing of the Debtor’s bank accounts, by account number, and the closing balances for the reporting period. These book balances include outstanding checks and any reconciling items, which may result in a negative book balance.
Copies of the bank statements and cash disbursement journals were not included with the MOR due to the voluminous nature of these reports and can be provided upon reasonable request in writing to counsel for the Debtors.
Notes to MOR-2 and MOR-3:
This MOR has been prepared on a consolidating basis for the Debtors. The financial information contained herein is unaudited, limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the monthly reporting requirements for Chapter 11 debtors as required by the Bankruptcy Court and is in a format acceptable to the United States Trustee for the District of Delaware (the "U.S. Trustee").
The MOR-2 Statement of Operations includes the Debtors’ fiscal month ended August 27, 2021, based upon a 52-53 week, fiscal year. MOR-3 includes the Balance Sheet for the August fiscal month. As previously noted, this MOR was not prepared in accordance with U.S. GAAP and does not include all the information and disclosures required by U.S. GAAP.
Therefore, there can be no assurance that the financial information presented herein is complete, and readers are strongly cautioned not to place undue reliance on the MOR.
Notes to UST Form 11-MOR, Part 1 Cash Receipts and Disbursements:
Based on guidance received from the Office of the United States Trustee in connection with the completion of UST Form 11-MOR Part 1, Cash Receipts and Disbursements, reported cash receipts and disbursements should exclude
intercompany, debtor-to-debtor, transactions. As a result, for those debtors with net intercompany cash outflows or inflows during the reporting period, the ending cash balances reported on Form 11-MOR Part 1 will not agree with the ending cash balances per the debtors’ bank statements or the debtors’ books and records. For additional information on ending cash balances per the debtors’ books and records, see the attached listing of cash account balances per Schedule MOR-1a.
Notes to UST Form 11-MOR, Part 7 Questionnaire:
The Debtors have received approval to pay prepetition taxes and fee obligations, including, without limitation, sales,
use and excise taxes, franchise taxes, real and personal property taxes, income taxes, and certain other taxes due in the normal
course of business through certain First Day Motions. As such, applicable taxes had been paid when due except for amounts
which are in dispute, if any.
Schedule of Cash Receipts and Disbursements
*Funds transferred between US Debtors have been excluded from the Summary of Cash Receipts and Disbursements amounts.
Schedule of Cash Receipts and Disbursements
TIME PERIOD: 7/24/2021 through 8/27/2021
Operating Receipts $ 249,864,616
Other Receipts 1,267,123
Total Operating Receipts 251,131,739
Vendor Payments (145,395,835)
Payroll & Benefits (94,817,158)
Total Operating Disbursements (240,212,993)
Operating Cash Flow 10,918,746
Total Debt Service (12,255,317)
Intercompany Receipts 12,238,693
Intercompany Disbursements (4,146,220) Intra-Debtor Transfers, net -
Net Cash Flow before Restructuring Disbursements 6,755,902
Professional Fees (26,523,510)
Total Restructuring Disbursements (26,523,510)
Net Cash Flow $ (19,767,608)
Summary of Cash Receipts and Disbursements
*Funds transferred between US Debtors have been excluded from receipt and disbursement amounts.
TIME PERIOD: 7/24/2021 through 8/27/2021 Checks
Debtor Name Case No. Receipts * Disbursements * Surplus / (Deficit)
Mallinckrodt plc 20-12522 $ - $ (6,447,969) $ (6,447,969)
Acthar IP Unlimited Company 20-12524 3,175 (7,790) (4,616) IMC Exploration Company 20-12526 - - - Infacare Pharmaceutical Corporation 20-12528 - - -
INO Therapeutics LLC 20-12530 39,459,764 (8,548,629) 30,911,136
Ludlow LLC 20-12533 - - -
MAK LLC 20-12536 - - -
Mallinckrodt APAP LLC 20-12537 - - -
Mallinckrodt ARD Finance LLC 20-12541 - - - Mallinckrodt ARD Holdings Inc. 20-12543 - - - Mallinckrodt ARD Holdings Limited 20-12546 - (2,781) (2,781) Mallinckrodt ARD IP Unlimited Company 20-12549 - (349) (349)
Mallinckrodt ARD LLC 20-12551 81,707,760 (20,167,392) 61,540,368
Mallinckrodt Brand Pharmaceuticals LLC 20-12554 - - - Mallinckrodt Buckingham Unlimited Company 20-12558 - (1,985) (1,985)
Mallinckrodt Canada ULC 20-12561 1,327,685 (91,550) 1,236,135
Mallinckrodt CB LLC 20-12564 - - -
Mallinckrodt Critical Care Finance LLC 20-12567 - - - Mallinckrodt Enterprises Holdings, Inc. 20-12568 - - -
Mallinckrodt Enterprises LLC 20-12572 1,037 (21,456,633) (21,455,596)
Mallinckrodt Enterprises UK Limited 20-12574 - (4,214) (4,214) Mallinckrodt Group S.a.r.l. 20-12527 35,404 (39,114) (3,709) Mallinckrodt Group S.à r.l., Luxembourg (LU) Schaffhausen Branch 20-12527 - (67,920) (67,920) Mallinckrodt Holdings GmbH 20-12531 3,032 (143) 2,889 Mallinckrodt Hospital Products Inc. 20-12534 2,068,866 - 2,068,866 Mallinckrodt Hospital Products IP Unlimited Company 20-12538 - (345) (345) Mallinckrodt International Finance SA 20-12540 - (103,860) (103,860) Mallinckrodt International Holdings S.a.r.l. 20-12544 - (10,480) (10,480) Mallinckrodt IP Unlimited Company 20-12548 28,127 (28,324) (197)
Mallinckrodt LLC 20-12521 286 (286) -
Mallinckrodt Lux IP S.a.r.l. 20-12553 - (25,294) (25,294) Mallinckrodt Manufacturing LLC 20-12556 - - - Mallinckrodt Pharma IP Trading Unlimited Company 20-12559 2,918 (94,120) (91,202) Mallinckrodt Pharmaceuticals Ireland Limited 20-12562 3,655,375 (15,789,116) (12,133,741) Mallinckrodt Pharmaceuticals Limited 20-12565 - (995,492) (995,492) Mallinckrodt Quincy S.a.r.l. 20-12569 - (2,979) (2,979) Mallinckrodt UK Finance LLP 20-12573 - (69) (69)
Mallinckrodt UK Ltd 20-12576 - (5,011) (5,011)
Mallinckrodt US Holdings LLC 20-12578 - - - Mallinckrodt US Pool LLC 20-12580 - - - Mallinckrodt Veterinary, Inc. 20-12582 - - - Mallinckrodt Windsor Ireland Finance Unlimited Company 20-12583 8,122 (12,905) (4,783) Mallinckrodt Windsor S.a.r.l. 20-12584 - (5,004) (5,004)
MCCH LLC 20-12525 - - -
MEH, Inc. 20-12529 1,250,120 (13,900,768) (12,650,649)
MHP Finance LLC 20-12532 - - -
MKG Medical UK Ltd 20-12535 - (2,811) (2,811)
MNK 2011 LLC 20-12539 - - -
MUSHI UK Holdings Limited 20-12542 - (2,720) (2,720) Ocera Therapeutics, Inc. 20-12545 - - -
Petten Holdings Inc. 20-12547 - - -
SpecGx Holdings LLC 20-12550 - (41) (41)
SpecGx LLC 20-12552 80,283,194 (74,982,688) 5,300,506
ST Operations LLC 20-12555 - (37) (37)
ST Shared Services LLC 20-12557 84,901 (102,774,517) (102,689,617)
ST US Holdings LLC 20-12560 - - -
ST US Pool LLC 20-12563 113,401 (12,283,618) (12,170,217)
Stratatech Corporation 20-12566 326,049 - 326,049
Sucampo Holdings Inc. 20-12570 - - -
Sucampo Pharma Americas LLC 20-12571 32,486,004 (3,800,673) 28,685,331
Sucampo Pharmaceuticals, Inc. 20-12575 1,267,123 - 1,267,123
Therakos, Inc. 20-12577 19,258,087 (1,480,414) 17,777,673
Vtesse LLC 20-12579 - - -
WebsterGx Holdco LLC 20-12581 - - -
Mallinckrodt Equinox Finance LLC 20-12523 - - -
Total $263,370,432 ($283,138,040) ($19,767,608)
Bank Account Information (page 1 of 2)
TIME PERIOD: 8/27/2021
*Book Balance may differ from Bank Balance due to items in-transit and other timing items.
Bank Account Information
Debtor Bank
Account No.
(last 4 digits)
Book Balance as of 8/27/2021
Mallinckrodt Enterprises LLC Citibank -8599 $ (8,406)
Mallinckrodt LLC Citibank -8409 277,352
SpecGX LLC Citibank -5113 10,645,118
SpecGX LLC Citibank -6847 -
SpecGX LLC Citibank -8572 (1,452,181)
SpecGx LLC Citibank -0492 30,001,474
SpecGX Holdings LLC Citibank -7357 -
INO Therapeutics LLC Citibank -7003 574,318
INO Therapeutics LLC Citibank -6726 -
INO Therapeutics LLC Citibank -7444 (203,344)
Mallinckrodt ARD Holdings Inc. Citibank -3967 -
Mallinckrodt Hospital Products Inc. Citibank -3521 -
ST US Holdings LLC Citibank -3916 -
MEH, Inc. Citibank -8791 12,590
Stratatech Corporation Citibank -5148 -
ST Shared Services LLC Citibank -4915 -
ST Shared Services LLC Citibank -5791 (213,377)
ST Shared Services LLC Citibank -4493 909,069
ST US Pool LLC Citibank -9406 10,752,931
ST US Pool LLC Citibank -0785 66,510,476
ST US Pool LLC PNC -2405 -
Sucampo Pharma Americas LLC Citibank -8686 -
Sucampo Pharma Americas LLC Citibank -4409 9,435,177
Sucampo Pharmaceuticals, Inc. Citibank -2171 -
Therakos, Inc. Citibank -9564 -
Therakos, Inc. Citibank -2454 -
Therakos, Inc. Citibank -9012 44,306
Mallinckrodt Buckingham Unlimited Company Deutsche Bank Trust Company Americas -9892 227,331 Mallinckrodt International Finance SA Deutsche Bank Trust Company Americas -7999 54,959
Mallinckrodt International Finance SA ING Luxembourg -0000 21,956
Mallinckrodt International Finance SA Deutsche Bank AG -4000 13,097
Mallinckrodt International Finance SA Deutsche Bank Trust Company Americas -456.1 -
Mallinckrodt International Finance SA Deutsche Bank AG -4003 -
Mallinckrodt International Finance SA State Street Fund Services (Ireland) Limited -0792 -
Mallinckrodt International Finance SA Citibank -0214 124,201,000
Mallinckrodt International Finance SA State Street Fund Services (Ireland) Limited -4044 -
Mallinckrodt plc Deutsche Bank Trust Company Americas -8051 404,740
Mallinckrodt plc Deutsche Bank AG -8000 207,877
Mallinckrodt UK Finance LLP Deutsche Bank Trust Company Americas -2424 335,762
Mallinckrodt ARD Holdings Limited Deutsche Bank Trust Company Americas -1586 81,599
Mallinckrodt International Holdings S.a.r.l. ING Luxembourg -3010 12,543
Mallinckrodt International Holdings S.a.r.l. Deutsche Bank AG -2686 173,066
Mallinckrodt Quincy S.a.r.l. ING Luxembourg -3010 4,275
Mallinckrodt Quincy S.a.r.l. Citizens Bank -6253 -
Mallinckrodt Quincy S.a.r.l. Deutsche Bank AG -2678 238,529
Mallinckrodt Lux IP S.a.r.l. Deutsche Bank Trust Company Americas -1551 7,928
Mallinckrodt Lux IP S.a.r.l. ING Luxembourg -3000 36,108
Mallinckrodt Enterprises UK Limited Deutsche Bank Trust Company Americas -1594 296,245
Continued…
Bank Account Information (page 2 of 2) Bank Account Information (page 2 of 4)
TIME PERIOD: 8/27/2021
*Book Balance may differ from Bank Balance due to items in-transit and other timing items.
Bank Account Information
Debtor Bank
Account No.
(last 4 digits)
Book Balance as of 8/27/2021
Mallinckrodt Group S.a.r.l. Deutsche Bank AG -6000 $ 10,973,731
Mallinckrodt Group S.a.r.l. Deutsche Bank AG -6002 15,727
Mallinckrodt Group S.a.r.l. Deutsche Bank AG -6001 541,237
Mallinckrodt Group S.a.r.l. Deutsche Bank AG -0006 31,038
Mallinckrodt Group S.a.r.l. ING Luxembourg -0000 3,445
Mallinckrodt Group S.a.r.l. Deutsche Bank Trust Company Americas -8000 206,498
Mallinckrodt Group S.a.r.l. Deutsche Bank Trust Company Americas -7733 -
Mallinckrodt Group S.a.r.l. Deutsche Bank AG -6003 8,251
Mallinckrodt Group S.a.r.l. Citibank -0505 52,900,000
Mallinckrodt Group S.a.r.l. Citibank -0605 -
Mallinckrodt Group S.a.r.l., Luxembourg (LU) Schaffhausen Branch Deutsche Bank AG -0000 570,205 Mallinckrodt Group S.à r.l., Luxembourg (LU) Schaffhausen Branch Deutsche Bank AG -0001 -
Mallinckrodt Holdings GmbH Deutsche Bank Trust Company Americas -8027 70,995
Mallinckrodt Holdings GmbH Deutsche Bank AG -4000 752,209
Mallinckrodt Pharmaceuticals Ireland Limited Deutsche Bank AG -8000 3,856,301
Mallinckrodt Pharmaceuticals Ireland Limited Citibank Europe PLC, Dublin -8006 507,902
Mallinckrodt Pharmaceuticals Ireland Limited Deutsche Bank AG -0LDN 322,795
Mallinckrodt Pharmaceuticals Ireland Limited Deutsche Bank Trust Company Americas -1885 408,889,288
Mallinckrodt Pharmaceuticals Ireland Limited Citibank -2132 200,000,000
Mallinckrodt Pharmaceuticals Ireland Limited Deutsche Bank AG -0006 -
Mallinckrodt Windsor Ireland Finance Unlimited Company Deutsche Bank AG -0000 - Mallinckrodt Windsor Ireland Finance Unlimited Company Deutsche Bank Trust Company Americas -9948 222,569
Mallinckrodt Windsor S.a.r.l. ING Luxembourg -0000 1,596
Mallinckrodt Windsor S.a.r.l. Deutsche Bank Trust Company Americas -0279 323,356
MKG Medical UK Ltd Deutsche Bank Trust Company Americas -9956 202,561
MKG Medical UK Ltd Deutsche Bank AG -0LDN -
MUSHI UK Holdings Limited Deutsche Bank Trust Company Americas -1578 301,373
Acthar IP Unlimited Company Deutsche Bank AG -6000 -
Acthar IP Unlimited Company Deutsche Bank Trust Company Americas -7400 33,498
Mallinckrodt ARD LLC Citibank -5121 69,660,897
Mallinckrodt ARD LLC Citibank -3695 13,286,832
Mallinckrodt ARD IP Unlimited Company Deutsche Bank AG -6000 -
Mallinckrodt ARD IP Unlimited Company Deutsche Bank Trust Company Americas -9884 57,425
Mallinckrodt Canada ULC Citibank -3003 4,039,049
Mallinckrodt Canada ULC Citibank -3011 1,259,204
Mallinckrodt Hospital Products IP Unlimited Company Deutsche Bank AG -2000 - Mallinckrodt Hospital Products IP Unlimited Company Deutsche Bank Trust Company Americas -9905 57,552
Mallinckrodt IP Unlimited Company Deutsche Bank AG -4001 -
Mallinckrodt IP Unlimited Company Deutsche Bank AG -4000 -
Mallinckrodt IP Unlimited Company Deutsche Bank Trust Company Americas -9913 54,262
Mallinckrodt Pharma IP Trading Unlimited Company Deutsche Bank Trust Company Americas -2555 373,341
Mallinckrodt Pharma IP Trading Unlimited Company Deutsche Bank AG -0000 209,108
Mallinckrodt Pharmaceuticals Limited Deutsche Bank AG -9500 1,475,441
Mallinckrodt Pharmaceuticals Limited Deutsche Bank Trust Company Americas -3929 6,690,315
Mallinckrodt UK Ltd Deutsche Bank Trust Company Americas -3937 22,514
ST Operations LLC Citibank -9422 643
Total Cash $1,031,523,674
Notes
(a) The Bank Account on this exhibit for ST US Holdings LLC (f/k/a Mallinckrodt US Holdings Inc.) is still in the name of Mallinckrodt US Holdings Inc. and
the name will be changed by the Debtors to ST US Holdings LLC to reflect the legal entity name change.
Closed Bank Accounts
TIME PERIOD: 8/27/2021
Closed Accounts
Entity Bank Bank Branch Currency Account Date Closed
Mallinckrodt Windsor Ireland Finance Unlimited Company Deutsche Bank AG Zurich EUR -0000 8/10/2021
Acthar IP Unlimited Company Deutsche Bank AG Zurich EUR -6000 8/10/2021
Mallinckrodt ARD IP Unlimited Company Deutsche Bank AG Zurich EUR -6000 8/10/2021 Mallinckrodt Hospital Products IP Unlimited Company Deutsche Bank AG Zurich EUR -2000 8/10/2021
Mallinckrodt IP Unlimited Company Deutsche Bank AG Zurich USD -4001 8/10/2021
Mallinckrodt IP Unlimited Company Deutsche Bank AG Zurich EUR -4000 8/10/2021
MKG Medical UK Ltd Deutsche Bank AG London GBP -0LDN 8/27/2021
Unaudited Statement of Operations (in 000's) page 1 of 6 TIME PERIOD: 7/24/2021 through 8/27/2021
The accompanying notes are an integral part of the financial statements.
$000s
Mallinckrodt PLC Acthar IP Unlimited Company
IMC Exploration Company
InfaCare Pharmaceutical
Corporation
INO Therapeutics
LLC Ludlow LLC MAK LLC Mallinckrodt APAP
LLC
Mallinckrodt ARD Finance LLC
Mallinckrodt ARD Holdings Inc.
Mallinckrodt ARD Holdings Limited
Net sales $0 $0 $0 $0 $36,038 $0 $0 $11,878 $0 $0 $0
Cost of sales 0 0 0 0 5,403 0 0 8,631 0 0 0
Gross (loss) profit 0 0 0 0 30,634 0 0 3,247 0 0 0
Operating expenses (income) 1,735 2 0 52 2,990 0 0 96 0 0 3
Operating (loss) income (1,735) (2) 0 (52) 27,644 0 0 3,151 0 0 (3)
Interest (expense) income, net 0 0 0 0 4 0 0 0 0 0 0
Other income (expense), net 1 0 0 0 0 0 0 0 0 0 0
Intercompany income (expense) 13 0 0 0 (55,799) 0 0 1,986 0 0 28
Reorganization items, net (416) 0 0 0 0 0 0 0 0 0 0
(Loss) income from continuing operations before income taxes $ (2,137) $ (2) $ - $ (52) $ (28,150) $ - $ - $ 5,136 $ - $ - $ 26
Provision for income taxes 0 0 0 0 0 0 0 0 0 0 0
Income (loss) from continuing operations (2,137) (2) 0 (52) (28,150) 0 0 5,136 0 0 26
Gain (loss) from discontinued operations 0 0 0 0 0 0 0 0 0 0 0
Net (loss) income $ (2,137) $ (2) $ - $ (52) $ (28,150) $ - $ - $ 5,136 $ - $ - $ 26
Unaudited Statement of Operations (in 000's) page 2 of 6 TIME PERIOD: 7/24/2021 through 8/27/2021
The accompanying notes are an integral part of the financial statements.
$000s
Mallinckrodt ARD IP Unlimited Company
Mallinckrodt ARD LLC
Mallinckrodt Brand Pharmaceuticals LLC
Mallinckrodt Buckingham Unlimited Company
Mallinckrodt Canada
ULC Mallinckrodt CB LLCMallinckrodt Critical Care Finance LLC
Mallinckrodt Enterprises Holdings
Inc.
Mallinckrodt Enterprises LLC
Mallinckrodt Enterprises UK
Limited
Mallinckrodt Group Sarl
Net sales $0 $53,124 $0 $0 $1,587 $0 $0 $0 $0 $0 $0
Cost of sales 0 1,872 0 0 255 0 0 0 0 0 0
Gross (loss) profit 0 51,252 0 0 1,332 0 0 0 0 0 0
Operating expenses (income) 1 4,568 0 3 27 0 0 0 (78) 4 26
Operating (loss) income (1) 46,684 0 (3) 1,305 0 0 0 78 (4) (26)
Interest (expense) income, net 0 0 0 0 0 0 0 0 0 0 (5)
Other income (expense), net 0 9 0 0 0 0 0 0 0 0 0
Intercompany income (expense) 0 (66,313) 0 0 (1,548) 0 0 (6) 0 (1) 274
Reorganization items, net 0 0 0 0 0 0 0 0 0 0 0
(Loss) income from continuing operations before income taxes $ (1) $ (19,619) $ - $ (3) $ (242) $ - $ - $ (6) $ 78 $ (5) $ 242
Provision for income taxes 0 0 0 0 0 0 0 0 0 0 0
Income (loss) from continuing operations (1) (19,619) 0 (3) (242) 0 0 (6) 78 (5) 242
Gain (loss) from discontinued operations 0 0 0 0 0 0 0 0 0 0 0
Net (loss) income $ (1) $ (19,619) $ - $ (3) $ (242) $ - $ - $ (6) $ 78 $ (5) $ 242
Unaudited Statement of Operations (in 000's) page 3 of 6 TIME PERIOD: 7/24/2021 through 8/27/2021
The accompanying notes are an integral part of the financial statements.
$000s
Mallinckrodt Holdings GmbH
Mallinckrodt Hospital Products
Inc.
Mallinckrodt Hospital Products IP Unlimited Company
Mallinckrodt International Finance SA
Mallinckrodt International Holdings S.a.r.l.
Mallinckrodt IP
Unlimited Company Mallinckrodt LLC Mallinckrodt Lux IP S.a.r.l.
Mallinckrodt Manufacturing LLC
Mallinckrodt Pharma IP Trading Unlimited Company
Mallinckrodt Pharmaceuticals
Ireland Limited
Net sales $0 $2,105 $0 $0 $0 $0 $0 $0 $0 $0 $0
Cost of sales 0 775 0 0 0 0 0 0 1,557 0 44,523
Gross (loss) profit 0 1,330 0 0 0 0 0 0 (1,557) 0 (44,523)
Operating expenses (income) 10 1,401 1 18 3 1 (235) 12 381 28 4,992
Operating (loss) income (10) (71) (1) (18) (3) (1) 235 (12) (1,938) (28) (49,515)
Interest (expense) income, net 0 0 0 (8,021) 0 0 0 0 0 0 0
Other income (expense), net 0 0 0 0 0 0 54 0 0 0 0
Intercompany income (expense) 38 (3,031) 0 (84) 0 0 0 1,216 261 1 39,692
Reorganization items, net 0 0 0 (3) 0 0 (24,147) 0 0 0 0
(Loss) income from continuing operations before income taxes $ 28 $ (3,103) $ (1) $ (8,127) $ (3) $ (1) $ (23,858) $ 1,204 $ (1,677) $ (28) $ (9,823)
Provision for income taxes 0 0 0 0 0 0 0 0 0 0 0
Income (loss) from continuing operations 28 (3,103) (1) (8,127) (3) (1) (23,858) 1,204 (1,677) (28) (9,823)
Gain (loss) from discontinued operations 0 0 0 0 0 0 0 0 0 0 0
Net (loss) income $ 28 $ (3,103) $ (1) $ (8,127) $ (3) $ (1) $ (23,858) $ 1,204 $ (1,677) $ (28) $ (9,823)
Unaudited Statement of Operations (in 000's) page 4 of 6 TIME PERIOD: 7/24/2021 through 8/27/2021
The accompanying notes are an integral part of the financial statements.
$000s
Mallinckrodt Pharmaceuticals
Limited
Mallinckrodt Quincy S.a.r.l.
Mallinckrodt UK
Finance LLP Mallinckrodt UK Ltd Mallinckrodt US Holdings LLC
Mallinckrodt US Pool LLC
Mallinckrodt Veterinary, Inc.
Mallinckrodt Windsor Ireland Finance Unlimited
Company
Mallinckrodt
Windsor S.a.r.l. MCCH LLC MEH, Inc.
Net sales $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Cost of sales 47 0 0 0 0 0 0 0 0 0 0
Gross (loss) profit (47) 0 0 0 0 0 0 0 0 0 0
Operating expenses (income) 814 (0) 0 5 73 (4) 2 2 2 0 (1,509)
Operating (loss) income (861) 0 (0) (5) (73) 4 (2) (2) (2) 0 1,509
Interest (expense) income, net 0 0 0 0 0 0 0 0 0 0 (14,409)
Other income (expense), net 0 0 0 0 0 0 0 0 0 0 0
Intercompany income (expense) 0 0 23,090 0 0 0 0 (0) (0) 0 49
Reorganization items, net 0 0 0 0 0 0 0 0 0 0 0
(Loss) income from continuing operations before income taxes $ (861) $ 0 $ 23,090 $ (5) $ (73) $ 4 $ (2) $ (2) $ (2) $ - $ (12,851)
Provision for income taxes 0 0 0 0 0 0 0 0 0 0 0
Income (loss) from continuing operations (861) 0 23,090 (5) (73) 4 (2) (2) (2) 0 (12,851)
Gain (loss) from discontinued operations 0 0 0 0 0 0 0 0 0 0 0
Net (loss) income $ (861) $ 0 $ 23,090 $ (5) $ (73) $ 4 $ (2) $ (2) $ (2) $ - $ (12,851)
Unaudited Statement of Operations (in 000's) page 5 of 6 TIME PERIOD: 7/24/2021 through 8/27/2021
The accompanying notes are an integral part of the financial statements.
$000s
MHP Finance LLC MKG Medical UK
LTD MNK 2011 LLC MUSHI UK Holdings Ltd
Ocera Therapeutics,
Inc. Petten Holdings Inc SpecGx Holdings LLC SpecGX LLC ST Operations LLC ST Shared Services
LLC ST US Holdings LLC
Net sales $0 $0 $0 $0 $0 $0 $0 $31,108 $0 $0 $0
Cost of sales 0 0 0 0 0 0 0 31,363 2 1,688 0
Gross (loss) profit 0 0 0 0 0 0 0 (255) (2) (1,688) 0
Operating expenses (income) 0 3 0 3 491 0 0 10,153 0 29,815 0
Operating (loss) income 0 (3) 0 (3) (491) 0 (0) (10,408) (2) (31,503) 0
Interest (expense) income, net 0 0 0 0 0 0 0 0 0 0 0
Other income (expense), net 0 0 0 0 0 0 0 0 0 (1) 0
Intercompany income (expense) 0 (0) 0 (1) 0 0 0 1,769 (1,183) 12,138 0
Reorganization items, net 0 0 0 0 0 0 0 0 0 (25,014) 0
(Loss) income from continuing operations before income taxes $ - $ (4) $ - $ (3) $ (491) $ - $ (0) $ (8,639) $ (1,184) $ (44,380) $ -
Provision for income taxes 0 0 0 0 0 0 0 0 0 0 0
Income (loss) from continuing operations 0 (4) 0 (3) (491) 0 (0) (8,639) (1,184) (44,380) 0
Gain (loss) from discontinued operations 0 0 0 0 0 0 0 0 0 0 0
Net (loss) income $ - $ (4) $ - $ (3) $ (491) $ - $ (0) $ (8,639) $ (1,184) $ (44,380) $ -
Unaudited Statement of Operations (in 000's) page 6 of 6 TIME PERIOD: 7/24/2021 through 8/27/2021
The accompanying notes are an integral part of the financial statements.
$000s
ST US Pool LLC Stratatech
Corporation
Sucampo Holdings Inc.
Sucampo Pharma Americas, LLC
Sucampo
Pharmaceuticals, Inc. Therakos, Inc. Vtesse LLC WebsterGx Holdco
LLC
Mallinckrodt Equinox Finance LLC
Net sales $0 $0 $0 $14,975 $0 $16,905 $0 $0 $0
Cost of sales 0 81 0 8,718 0 1,770 0 0 0
Gross (loss) profit 0 (81) 0 6,257 0 15,135 0 0 0
Operating expenses (income) 18 1,393 0 12 0 990 426 0 0
Operating (loss) income (18) (1,473) 0 6,245 0 14,145 (426) 0 0
Interest (expense) income, net 1 0 0 0 0 0 0 0 0
Other income (expense), net 0 0 0 0 0 0 98 0 0
Intercompany income (expense) 0 0 0 (518) 0 (7,666) 0 0 0
Reorganization items, net 0 0 0 0 0 0 0 0 0
(Loss) income from continuing operations before income taxes $ (17) $ (1,473) $ - $ 5,728 $ - $ 6,479 $ (328) $ - $ -
Provision for income taxes 0 0 0 0 0 0 0 0 0
Income (loss) from continuing operations (17) (1,473) 0 5,728 0 6,479 (328) 0 0
Gain (loss) from discontinued operations 0 0 0 0 0 0 0 0 0
Net (loss) income $ (17) $ (1,473) $ - $ 5,728 $ - $ 6,479 $ (328) $ - $ -
Unaudited Balance Sheet (in 000's) page 1 of 6 TIME PERIOD: 8/27/2021
The accompanying notes are an integral part of the financial statements.
$000s Mallinckrodt PLC Acthar IP Unlimited
Company
IMC Exploration Company
InfaCare Pharmaceutical
Corporation
INO Therapeutics
LLC Ludlow LLC MAK LLC Mallinckrodt APAP
LLC
Mallinckrodt ARD Finance LLC
Mallinckrodt ARD Holdings Inc.
Mallinckrodt ARD Holdings Limited
CASH AND CASH EQUIVALENTS $ 613 $ 33 $ - $ - $ 371 $ - $ - $ - $ - $ - $ 82
ACCOUNTS RECEIVABLE - - - - 76,938 - - 20,174 - - - INVENTORIES - - - - 9,279 - - 25,357 - - - PREPAID EXPENSES AND OTHER CURRENT ASSETS 13,089 1 - 12 350 - - 2,774 - - - INTERCOMPANY RECEIVABLES 33,341 - - 126 8,068 - - 11,169 - - -
TOTAL CURRENT ASSETS $ 47,042 $ 34 $ - $ 139 $ 95,006 $ - $ - $ 59,474 $ - $ - $ 82
-
- - - - PROPERTY, PLANT AND EQUIPMENT, NET - - - - 26,447 - - 134,064 - - - INTANGIBLE ASSETS, NET - - - - - - - - - - - OTHER ASSETS 8,542 - - - 854 - - 4,768 - - - INVESTMENT IN SUBSIDIARY 28,408,201 2,729,807 - - - 7,113,077 64,377 - 5,391,816 2,938,533 7,482,727 INTERCOMPANY LOAN RECEIVABLE 312,365 - 8 1,181 (85,471) (328,665) (44,439) 84,714 (149,002) (8,797) 679,805
TOTAL ASSETS $ 28,776,150 $ 2,729,842 $ 8 $ 1,320 $ 36,835 $ 6,784,412 $ 19,938 $ 283,020 $ 5,242,814 $ 2,929,735 $ 8,162,614
-
- - - - CURRENT MATURITIES OF LONG-TERM DEBT - - - - - - - - - - - ACCOUNTS PAYABLE 156 - - 1 1,802 - - 2,282 - - - ACCRUED PAYROLL AND PAYROLL RELATED COSTS - - - - 527 - - 1,541 - - - ACCRUED INTEREST - - - - - - - - - - - ACCRUED AND OTHER CURRENT LIABILITIES 2,345 16 - 40 3,262 - - 3,816 - - 23 INTERCOMPANY PAYABLE 0 - - - 171,936 - - - - - -
TOTAL CURRENT LIABILITIES $ 2,501 $ 16 $ - $ 41 $ 177,527 $ - $ - $ 7,639 $ - $ - $ 23
-
- - - - LONG-TERM DEBT - - - - - - - - - - - PENSION AND POSTRETIREMENT BENEFITS - - - - - - - - - - - ENVIRONMENTAL LIABILITIES - - - - - - - 3,013 - - - INCOME TAXES PAYABLE - - - - - - - - - - - OTHER LIABILITIES - - - - 0 - - 1,943 0 - - LIABILITIES SUBJECT TO COMPROMISE 235 - - 21 11,737 15,339 - 437 - - - INTERCOMPANY LOANS PAYABLE - - - - - - - - - - 201
TOTAL LIABILITIES $ 2,736 $ 16 $ - $ 62 $ 189,264 $ 15,339 $ - $ 13,032 $ 0 $ - $ 223
-
- - - -
TOTAL SHAREHOLDERS' EQUITY $ 28,773,414 $ 2,729,826 $ 8 $ 1,258 $ (152,429) $ 6,769,073 $ 19,938 $ 269,988 $ 5,242,814 $ 2,929,735 $ 8,162,391
-
- - - -
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 28,776,150 $ 2,729,842 $ 8 $ 1,320 $ 36,835 $ 6,784,412 $ 19,938 $ 283,020 $ 5,242,814 $ 2,929,735 $ 8,162,614
Unaudited Balance Sheet (in 000's) page 2 of 6 TIME PERIOD: 8/27/2021
The accompanying notes are an integral part of the financial statements.
$000s Mallinckrodt ARD IP
Unlimited Company
Mallinckrodt ARD LLC
Mallinckrodt Brand Pharmaceuticals LLC
Mallinckrodt Buckingham Unlimited Company
Mallinckrodt Canada
ULC Mallinckrodt CB LLC Mallinckrodt Critical
Care Finance LLC
Mallinckrodt Enterprises Holdings, Inc.
Mallinckrodt Enterprises LLC
Mallinckrodt Enterprises UK
Limited
Mallinckrodt Group S.a.r.l.
CASH AND CASH EQUIVALENTS $ 57 $ 82,948 $ - $ 227 $ 5,298 $ - $ - $ - $ (8) $ 296 $ 65,250
ACCOUNTS RECEIVABLE - 51,093 - - 816 - - - - - -
INVENTORIES - 195,083 - - 597 - - - - - -
PREPAID EXPENSES AND OTHER CURRENT ASSETS - 5,063 - - 284 - - - 250 - 82
INTERCOMPANY RECEIVABLES - 7,224 - 1 28 - - - 106 - -
TOTAL CURRENT ASSETS $ 57 $ 341,412 $ - $ 228 $ 7,023 $ - $ - $ - $ 348 $ 296 $ 65,332 - - - - - PROPERTY, PLANT AND EQUIPMENT, NET - 719 - - 0 - - - - - -
INTANGIBLE ASSETS, NET - - - - - - - - - - - OTHER ASSETS - 3,583 - - 545 - - 174 - - 19,025 INVESTMENT IN SUBSIDIARY - 326,766 5,557,721 18,574,244 - - - 5,114,595 2,237,341 - 256,023 INTERCOMPANY LOAN RECEIVABLE - (145,738) 148 0 - - 30,550 (58,777) 78,851 - 63,345 TOTAL ASSETS $ 57 $ 526,742 $ 5,557,869 $ 18,574,472 $ 7,569 $ - $ 30,550 $ 5,055,993 $ 2,316,539 $ 296 $ 403,725 - - - - - CURRENT MATURITIES OF LONG-TERM DEBT - - - - - - - - - - - ACCOUNTS PAYABLE - 7,992 - - 21 - - - 6,169 - 11
ACCRUED PAYROLL AND PAYROLL RELATED COSTS - 6,001 - - (0) - - - (0) - 154
ACCRUED INTEREST - - - - - - - - - - - ACCRUED AND OTHER CURRENT LIABILITIES 19 99,829 - 27 (67) - - - 647 23 67
INTERCOMPANY PAYABLE - 116,315 - 2 2,963 - - - 7,259 - (1)
TOTAL CURRENT LIABILITIES $ 19 $ 230,138 $ - $ 29 $ 2,917 $ - $ - $ - $ 14,074 $ 23 $ 232
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- - - - LONG-TERM DEBT - - - - - - - - - - - PENSION AND POSTRETIREMENT BENEFITS - - - - - - - - - - - ENVIRONMENTAL LIABILITIES - - - - - - - - - - - INCOME TAXES PAYABLE - - - - - - - - - - - OTHER LIABILITIES - 1,273 - - - - 8,827 - - - 1,637 LIABILITIES SUBJECT TO COMPROMISE - 644,609 - - 79 - - 1,821,583 - - 15,132 INTERCOMPANY LOANS PAYABLE - - - - - - - 0 - 141 128,457
TOTAL LIABILITIES $ 19 $ 876,020 $ - $ 29 $ 2,996 $ - $ 8,827 $ 1,821,583 $ 14,074 $ 164 $ 145,456
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- - - -
TOTAL SHAREHOLDERS' EQUITY $ 38 $ (349,277) $ 5,557,869 $ 18,574,443 $ 4,573 $ - $ 21,723 $ 3,234,410 $ 2,302,465 $ 132 $ 258,268
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- - - -
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 57 $ 526,742 $ 5,557,869 $ 18,574,472 $ 7,569 $ - $ 30,550 $ 5,055,993 $ 2,316,539 $ 296 $ 403,725
