Quotient Ltd: going-concern / distress — Quotient files Chapter 11 bankruptcy to restructure debt, reduce obligations by ~$140M

On January 10, 2023 (the “ Petition Date ”), Quotient filed a voluntary petition for relief under chapter 11 of title 11 (the “ Chapter 11 Case ”) of the United States Code (the “ Bankruptcy Code ”) in the United States Bankruptcy Court for the Southern District of Texas (the “ Bankruptcy Court ”).

On January 9, 2023, Quotient Holdings Newco, LP (“ Newco ”), Quotient Holdings Finance Company Limited (“ Finance Co ”), Quotient Holdings Merger Company Limited (“ Merger Co ”) and the Company entered into an omnibus transaction agreement (together with all exhibits, annexes and schedules thereto, the “ Omnibus Transaction Agreement ”) with holders of all of its Convertible Notes issued under the Convertible Notes Indenture (the “ Convertible Noteholders ”).

On January 9, 2023, Quotient Limited (“ Quotient ” or the “ Company ”) entered into an amended and restated transaction support agreement (together with all exhibits, annexes and schedules thereto, the “ A&R TSA ”) with holders of all of its (i) outstanding senior secured notes (the “ Senior Secured Notes ”) issued under that certain Indenture, dated as of October 14, 2016 (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time, the “ Senior Secured Notes Indenture ”), by and among the Company, the guarantors party thereto, and U.S. Bank Trust Company, National Association, as trustee, and (ii) convertible notes (the “ Convertible Notes ”) issued under that certain Indenture, dated as of May 26, 2021 (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time, the “ Convertible Notes Indenture ” and together with the Senior Secured Notes Indenture, the “ Indentures ”), by and among the Company, the guaran