UPDATE 1-Drugmaker Mallinckrodt moves toward second bankruptcy filing

Mallinckrodt on Tuesday said it was preparing to seek bankruptcy protection for the second time in three years after struggling to make a required $200 million settlement payment to opioid victims. The drugmaker, one of the largest makers of opioids, said it is negotiating a restructuring support agreement with its stakeholders, while deferring deadlines for missed debt payments and opioid settlement payments to next week. The agreement contemplates a second bankruptcy filing that would result in no recovery for holders of its ordinary equity shares, Mallinckrodt said.