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RVL Pharmaceuticals plc's (NASDAQ:RVLP) several operating subsidiaries are filing for bankruptcy in a prepackaged deal with lender Athyrium Capital and other key stakeholders.
The reorganization will allow the RVL subsidiaries to reduce debt, streamline operations, and position themselves under new ownership.
RVL will wind down all operations aside from the three subsidiaries that are reorganizing.
As a result of the Reorganization, RVL is expected to commence the wind-down of any remaining operations of the company and its subsidiaries, other than the RVL Subsidiaries.
RVL's public equity is expected to be canceled upon completion of its wind-down, anticipated during 2024, likely resulting in no recovery to public shareholders.
Through the reorganization, Athyrium will exchange its outstanding debt for equity in the newly formed entity. The operating subsidiaries that will be reorganized include RevitaLid Pharmaceutical, RVL Pharmaceuticals, and RVL Pharmacy.
The reorganization will enhance the RVL Subsidiaries' ability to invest in Upneeq, accelerate their strategic initiatives, and continue delivering high-quality, innovative ocular and aesthetic solutions for patients and healthcare partners.
Upneeq is an FDA-approved prescription eyedrop for acquired ptosis (low-lying lids) that lifts the upper eyelids to open the eyes.
The reorganization contemplates that all RVL Subsidiaries' vendors, suppliers, and customers will be unaffected by the reorganization, and their employees will remain employed by these entities.
Price Action: RVLP shares are down 65.2% at $0.05 on the last check Thursday.
Posted In: RVLP
