Iterum Therapeutics plc (ITRMF): debt financing — Iterum Therapeutics files for winding up in Ireland; appoints provisional liquidators; CEO/CFO resign

Iterum Therapeutics plc

Filed winding-up petition in Irish High Court; joint provisional liquidators appointed (Damien Murran, Jennifer McMahon of Teneo).
CEO Corey Fishman and CFO Judith Matthews resigned effective immediately after petition filing.
Filing triggered default under Royalty-Linked Notes; default interest rate set at prime plus 3%.
Company cites limited cash, inability to raise capital, failed strategic alternatives, and modest ORLYNVAH sales as reasons.
Nasdaq trading suspension expected March 27; shareholders likely to experience complete loss.

item 1.03 item 2.04 item 5.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Iterum Therapeutics plc reported a default on senior notes at prime rate of interest quoted by Bloomberg on such date or on the most recent da.

Instrument: senior notes
Rate: prime rate of interest quoted by Bloomberg on such date or on the most recent da
Event: default

Exact text from the filing

The filing of the Winding Up Petition described in Item 1.03 above constitutes an event of default under the Company’s Limited Recourse Royalty-Linked Subordinated Notes, dated as of January 21, 2020 (the “Royalty-Linked Notes”), issued pursuant to an Indenture between Iterum Therapeutics Bermuda Limited, as the note issuer, the Company, Iterum Therapeutics International Limited, Iterum Therapeutics US Limited and Iterum Therapeutics US Holding Limited, as guarantors, Iterum Holders’ Representative LLC, as holders’ representative, and Computershare Trust Company, N.A., as trustee.

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Iterum Therapeutics plc filing history →

Source: SEC EDGAR

accession 0001193125-26-127785

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