The Valhalla basin on Callisto is a multiringed structure that extends over much of a satellite surface. Although its appearance differs in detail from lunar multiringed basins, its origins may also be attributed to lithospheric fragmentations accompanying collapse of the transient crater formed by an impact event. This paper explores the mechanics of the collapse process by treating the lithosphere as a thin elastic-Von Mises plastic sheet (plane geometry) or shell (spherical geometry). Flow of the underlying asthenosphere inward toward the crater cavity induces plastic failure of the lithosphere and produces a characteristic pattern of faults in the disrupted lithospere. The pattern and extent of faulting is a function of a single dimensionless parameter that involves the strength and thickness of the lithosphere, the crater depth and diameter, and the surface gravity of the planet. The tectonic structure of Valhalla correspond well with the failure pattern expected for a large crater produced in a thin (circa 30 km) weak (strength ⟨100 bar⟩ lithospheric shell.