Keenova Therapeutics plc: going-concern / distress — Irish High Court confirms Mallinckrodt scheme, paving exit from Chapter 11

Keenova Therapeutics plc

Scheme confirmed by Irish High Court on Nov 10, effective on Plan effective date expected Nov 14, 2023.
Existing ordinary shares cancelled without any payment or distribution to shareholders.
New common equity issued to creditors in accordance with Plan; not expected to be listed on any exchange.
Company expects to emerge from Chapter 11 in coming days after satisfaction of remaining conditions.
Shares trade over-the-counter under MNKTQ; delisted from NYSE American in September 2023.

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

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 0001104659-23-116529

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