RVL Pharmaceuticals plc: going-concern / distress — RVL Pharma subsidiaries file Chapter 11; $17.5M DIP financing approved

RVL Pharmaceuticals plc

RevitaLid Pharmaceutical Corp., RVL Pharmaceuticals Inc. and RVL Pharmacy LLC filed Chapter 11 on Oct 12, 2023.
Bankruptcy Court approved interim DIP financing on Oct 13; $17.5M facility led by Athyrium, $7.5M drawn immediately.
Parent RVL PLC not in bankruptcy; shares expected to be cancelled upon winddown with no recovery for shareholders.
DIP loan has 9.50% margin, multi-draw terms, minimum liquidity covenant of $2.5M, and 7-week operating budget.
Trading in RVLP ordinary shares is highly speculative; company urges extreme caution.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 1.0

RVL Pharmaceuticals plc entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2023-10-12).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2023-10-12

Exact text from the filing

filed voluntary petitions (Case No. 23-11704 (BLS)) (the “Chapter 11 Cases”) for relief under Chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware

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Source: SEC EDGAR

accession 0001104659-23-110536

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