Mallinckrodt  (MNK) – Get Report, which makes opioids and other drugs, is reportedly close to a deal to hand majority ownership to its unsecured-bond holders as part of a bankruptcy filing.

Shares of the U.K. biopharmaceutical company at last check were off 19% at 88 cents.

The bonds would be traded for most of Mallinckrodt’s equity and some new debt, and the debt of higher-ranked lenders would be reinstated or replaced by new securities that fully cover their claims, Bloomberg reported, citing people with knowledge of the plan.

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