Mallinckrodt (MNK -10.0%) unsecured bonds are trading at an all-time low of 10 cents on the dollar after Franklin Advisors sold a $500M stake ahead of a coupon payment due July 30. The debt was trading at 80 cents on the dollar two months ago.
The company previously announced that it may use bankruptcy to offload liabilities related to its role in the opioid crisis.
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