Mallinckrodt plc (NYSE American: MNK) said that it has entered into a Restructuring Support Agreement (RSA) with a significant majority of its debtholders and the Opioid Master Disbursement Trust II. The plan aims to reduce the company's debt by around $1.9 billion, increase free cash flow, and extend maturity, positioning the business for long-term success. The agreement also includes a $250 million final payment to the Trust, in addition to the $450 million already paid, to address the U.S. opioid crisis and support addiction treatment. 

The company plans to initiate voluntary prepackaged Chapter 11 proceedings to implement the plan, expecting completion by Q4 2023. Mallinckrodt remains operational and committed to patient care throughout this process.

$MNK was trading at $0.48 in pre-market, showing a decrease of $0.11 (-18.37%).

In other news, Peloton Interactive, Inc. (Nasdaq: PTON), a notable figure in the interactive fitness industry, reported a fourth-quarter fiscal 2023 loss of $0.68 per share, missing the consensus estimate of a $0.38 loss per share. The company's quarterly sales reached $642.10 million, slightly above analysts' projected revenue of $639.90 million.

Looking ahead to Q1 fiscal 2024, Peloton anticipates revenues in the range of $580 million to $600 million, which contrasts with the consensus estimate of $655.9 million in revenue for the period.

In pre-market, $PTON was trading at $4.91, down $2.08 (-29.76%).

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