Clovis Oncology, Inc.: going-concern / distress — Clovis Oncology Chapter 11 plan effective; common stock canceled, no equity recovery expected

Clovis Oncology, Inc.

Effective July 10, 2023, Third Amended Joint Chapter 11 Plan of Liquidation became effective.
All outstanding common stock canceled; no payment or distribution to equity holders anticipated.
Directors and officers discharged and terminated as of the Effective Date.
Company intends to file Form 15 to deregister securities and suspend SEC reporting.
Liquidation Trustee appointed; contingent value rights possible only if creditors paid in full (>$250k).

item 1.03 item 3.03 item 5.01 item 5.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Clovis Oncology, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2022-12-11).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2022-12-11

Exact text from the filing

On December 11, 2022, Clovis Oncology, Inc. (the “ Company ”) and certain of its subsidiaries, Clovis Oncology Ireland Limited and Clovis Oncology UK Limited (together with the Company, the “ Debtors ”), filed voluntary petitions under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (such court, the “ Court ” and such cases, the “ Cases ”).

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Source: SEC EDGAR

accession 0001193125-23-185076

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