Keenova Therapeutics plc: going-concern / distress — Bankruptcy court confirms Mallinckrodt's prepackaged Chapter 11 plan; equity holders wiped out

Keenova Therapeutics plc

Plan confirmed by Delaware bankruptcy court on Oct 10, 2023; emergence expected Q4 2023 after Irish examinership.
First lien claims receive 92.3% of new common equity; second lien claims get 7.7%; existing equity holders receive nothing.
New common equity will not be listed on any national securities exchange.
Company had 13,371,707 ordinary shares outstanding as of Oct 9, 2023; all to be canceled on effective date.
Consummation remains subject to Irish court approval of scheme of arrangement.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Keenova Therapeutics plc entered chapter 11 in U.S. Bankruptcy Court for the District of Delaware (petition 2023-08-28).

Proceeding: chapter 11
Court: U.S. Bankruptcy Court for the District of Delaware
Petition: 2023-08-28

Exact text from the filing

Mallinckrodt plc (in examination under Part 10 of the Companies Act 2014 of Ireland and hereinafter "Mallinckrodt" or the "Company") and certain of its subsidiaries (collectively, the "Debtors") voluntarily initiated proceedings (the "Chapter 11 Cases") under chapter 11 of title 11 of the United States Code in the U.S. Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") with a prepackaged chapter 11 plan

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Source: SEC EDGAR

accession 0001104659-23-108353

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