secwatch.observer — SEC 8-K summary
======================================

Issuer:     RVL Pharmaceuticals plc (—)
CIK:        0001739426
Form:       8-K
Filed at:   2023-10-13T23:59:59+00:00
Accession:  0001104659-23-109105
Event type: other_material
Sentiment:  negative
Materiality: 0.95
Item codes: 1.03, 2.03, 3.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

RVL Pharmaceuticals subsidiaries file Chapter 11; parent to wind down; equity expected worthless
--------------------------------------------------------------------------------

- Three indirect subsidiaries filed voluntary Chapter 11 on Oct 12, 2023; parent RVL PLC not in bankruptcy but plans wind-down.
- Prepackaged plan: Athyrium Capital Management to exchange debt for 97.5% of NewCo equity; SPA rejection claims get 2.5%.
- DIP financing of up to $17.5M from Athyrium, with $7.5M available upon interim order approval; minimum liquidity $2.5M.
- Nasdaq delisting notice received Oct 12; trading suspended Oct 23, 2023; no appeal planned.
- All RVL PLC ordinary shares expected to be cancelled upon wind-down completion by end of 2024, likely no recovery.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1739426/000110465923109105/0001104659-23-109105-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1739426/000110465923109105/tm2328340d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-109105

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer