Rockley Photonics Holdings Ltd: going-concern / distress — Rockley Photonics files Chapter 11 bankruptcy; intercompany receivables of $604.2M to be written off

Rockley Photonics Holdings Ltd

Filed voluntary Chapter 11 petition in SDNY on Jan 23, 2023; Cayman restructuring petition filed Jan 24.
Unaudited Nov 2022 balance sheet shows $6.1M cash, total assets $613M mainly intercompany receivables.
Intercompany receivables of $604.2M deemed uncollectible, expected to be written off in Chapter 11.
Total liabilities of $117.4M; equity $495.7M but largely intragroup and without cash value.
Company warns trading in RKLY securities is highly speculative; recovery for holders uncertain.

item 1.03 item 7.01 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

Rockley Photonics Holdings Ltd entered chapter 11 in Grand Court of the Cayman Islands (petition 2023-01-24).

Proceeding: chapter 11
Court: Grand Court of the Cayman Islands
Petition: 2023-01-24

Exact text from the filing

Rockley Photonics Holdings Limited (the “ Company ”) filed a voluntary petition for relief under chapter 11 of title 11 (the “ Chapter 11 Case ”) of the United States Code in the United States Bankruptcy Court for the Southern District of New York.

View on SEC.gov

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Rockley Photonics Holdings Ltd entered chapter 11 in Grand Court of the Cayman Islands (petition 2023-01-24).

Proceeding: chapter 11
Court: Grand Court of the Cayman Islands
Petition: 2023-01-24

Exact text from the filing

On January 24, 2023, the Company filed a petition (the “ Cayman Petition ”) with the Grand Court of the Cayman Islands (the “ Cayman Grand Court ”) seeking the appointment of joint restructuring officers who will advise the Company in order to facilitate the restructuring transactions to be effectuated in connection with the Chapter 11 Case.

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Source: SEC EDGAR

accession 0001852117-23-000009

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