Rockley Photonics Holdings Said On January 23, Filed A Voluntary Petition For Relief Under Chapter 11 Of Title 11 Of United States Code

Author: Charles Gross | January 24, 2023 07:06am
On January 23, 2023 (the "Petition Date"), Rockley Photonics Holdings Limited (the "Company" or "Rockley"), 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 New York (the "Bankruptcy Court"). The Company filed motions with the Bankruptcy Court to seek authorization to continue to operate its business as a "debtor in possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. The Company has filed a series of first day motions with the Bankruptcy Court that seek authorization to ensure that it can continue to conduct its business without interruption. These motions are designed primarily to minimize the effect of bankruptcy on the Company's operations. None of Rockley's subsidiaries have filed voluntary petitions for relief under the Bankruptcy Code. The Company also filed thePrepackaged Chapter 11 Plan of Reorganization of Rockley Photonics Holdings Limited(as amended, supplemented, or modified from time to time, the "Plan") and related Disclosure Statement. The Company has sought expedited approval of the Plan as part of a comprehensive restructuring to de-lever the Company's consolidated balance sheet by eliminating existing debt and introducing a new capital structure which will provide approximately $35 million of cash for ongoing operations.

Posted In: RKLY