RVL Pharmaceuticals plc: going-concern / distress — RVL subsidiaries exit Chapter 11; parent to wind down with no recovery for equity holders

RVL Pharmaceuticals plc

On Nov 22, 2023, Athyrium Capital Management exchanged debt for 97.5% equity in NewCo, which holds 100% of RVL Pharmaceuticals, Inc.
Holders of SPA Rejection Unsecured Claims received pro rata share of remaining 2.5% equity in NewCo.
RVL plc retained substantially no assets post-plan; intends to petition Irish High Court to wind up by end of 2024.
No recovery for holders of RVL plc's 111,406,043 ordinary shares; all shares have no residual value.
Bankruptcy Court confirmed Amended Prepackaged Plan on Nov 20, 2023, effective Nov 22, 2023.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

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

On October 12, 2023 (the "Petition Date"), RevitaLid Pharmaceutical Corp., RVL Pharmaceuticals, Inc. and RVL Pharmacy, LLC (the "Debtors"), each an indirect subsidiary of RVL Pharmaceuticals plc ("RVL plc"), filed voluntary petitions (administered jointly for procedural purposes under lead 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 (the "Bankruptcy Court").

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

RVL Pharmaceuticals plc underwent a change of control involving Athyrium Capital Management, LP for Funds managed by Athyrium exchanged their outstanding debt into equity of a newly-created entity (NewCo) that indirectly holds 100% of the equity interests of R (closed 2023-11-22).

Action: change of control
Counterparty: Athyrium Capital Management, LP
Consideration: Funds managed by Athyrium exchanged their outstanding debt into equity of a newly-created entity (NewCo) that indirectly holds 100% of the equity interests of R
Closing: 2023-11-22

Exact text from the filing

In accordance with the Amended Plan, on November 22, 2023 (the "Effective Date") funds managed by Athyrium Capital Management, LP ("Athyrium") exchanged their outstanding debt into equity of a newly-created entity ("NewCo") that indirectly holds 100% of the equity interests of RVL Pharmaceuticals, Inc., the direct parent of RVL Pharmacy, LLC.

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Source: SEC EDGAR

accession 0001104659-23-121234

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