ST. LOUIS — Ireland-based drug maker Mallinckrodt has filed for Chapter 11 bankruptcy as it faces thousands of lawsuits alleging that the company and other pharmaceutical companies deceptively marketed and promoted the use of addictive painkillers.
Mallinckrodt, which has a large presence in St. Louis, filed for bankruptcy Monday in the U.S. Bankruptcy Court for the District of Delaware. It listed assets and liabilities in the range of $1 billion to $10 billion.
According to the filing, Mallinckrodt officials said they hope to resolve the opioid lawsuits and reduce debt by $1.3 billion.
Late last year, Mallinckrodt admitted the risk of a bankruptcy filing. At the time, it faced more than 2,500 state and local government lawsuits over its handling of opioid painkillers. That number has risen to more than 3,000, according to Reuters.