{"id":789849,"date":"2023-10-12T06:59:27","date_gmt":"2023-10-12T10:59:27","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/rvl-pharmaceuticals-plc-announces-prepackaged-reorganization-of-certain-u-s-subsidiaries\/"},"modified":"2023-10-12T06:59:27","modified_gmt":"2023-10-12T10:59:27","slug":"rvl-pharmaceuticals-plc-announces-prepackaged-reorganization-of-certain-u-s-subsidiaries","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/rvl-pharmaceuticals-plc-announces-prepackaged-reorganization-of-certain-u-s-subsidiaries\/","title":{"rendered":"RVL Pharmaceuticals plc Announces Prepackaged Reorganization of Certain U.S. Subsidiaries"},"content":{"rendered":"
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\n Lender to Provide Incremental Liquidity to Support Long-Term Growth<\/em>\n <\/p>\n

\n Senior Secured Lender to Exchange Outstanding Debt into Equity of the Reorganized Entities<\/em>\n <\/p>\n

\n Business Operations at U.S. Subsidiaries to Continue as They Pursue Strategic Plan<\/em>\n <\/p>\n

\n RVLP Ordinary Shares Expected to be Cancelled <\/em>\n <\/p>\n

BRIDGEWATER, N.J., Oct. 12, 2023 (GLOBE NEWSWIRE) — RVL Pharmaceuticals plc (\u201cRVL\u201d or \u201cthe Company\u201d), a specialty pharmaceutical company focused on the commercialization of UPNEEQ\u00ae (oxymetazoline hydrochloride ophthalmic solution), 0.1%, for the treatment of acquired blepharoptosis, or droopy eyelid, in adults, today announced that certain of its U.S. operating subsidiaries, RevitaLid Pharmaceutical Corp., RVL Pharmaceuticals, Inc. and RVL Pharmacy, LLC (the \u201cRVL Subsidiaries\u201d), have reached an agreement with their sole secured lenders, funds managed by Athyrium Capital Management (\u201cAthyrium\u201d), and other key stakeholders, to effectuate a change of control transaction through prepackaged bankruptcy cases commenced in the United States Bankruptcy Court for the District of Delaware today (the \u201cReorganization\u201d). The Reorganization provides a structured pathway for the RVL Subsidiaries to significantly reduce their debt, while enabling them to streamline operations, maintain jobs and position themselves under new ownership. 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\u2019s public equity is expected to be cancelled upon completion of its wind-down, anticipated to be during 2024, likely resulting in no recovery to public shareholders.<\/p>\n

Under the Reorganization, funds managed by Athyrium will exchange their outstanding debt into equity of a newly formed entity that will either (1) directly hold 100% of the equity interests of Revitalid Pharmaceutical, Corp., which is currently an indirect wholly owned subsidiary of the Company, or (2) indirectly hold 100% of the equity interests of RVL Pharmaceuticals, Inc., which is currently a wholly owned subsidiary of Revitalid Pharmaceutical, Corp. and the direct parent of RVL Pharmacy, LLC.\u00a0\u00a0 In addition, funds managed by Athyrium are committed to providing incremental financing facilities to support the RVL Subsidiaries\u2019 operations during the Reorganization and to support their long-term growth and liquidity. The Reorganization will enhance the RVL Subsidiaries\u2019 ability to invest in UPNEEQ, accelerate their strategic initiatives, and allow for the continued delivery of high-quality, innovative ocular and aesthetic solutions for patients and healthcare partners. The Reorganization contemplates that all of RVL Subsidiaries\u2019 vendors, suppliers, and customers will be unaffected by the Reorganization, and their employees will remain employed by these entities.<\/p>\n

Brian Markison, Chief Executive Officer and Chairman of the Company\u2019s Board of Directors, commented, \u201cThis is a significant step forward in securing RVL\u2019s future, ensuring we continue to meet the demands of our patients while also executing our long-term growth strategy. As we move forward, we remain committed to realizing the full commercial potential of UPNEEQ.\u201d<\/p>\n

The RVL Subsidiaries are being advised by Ropes & Gray LLP, Richards, Layton & Finger, P.A., and A&L Goodbody LLP as legal counsel, Ernst & Young LLP as financial advisor, and Ducera Partners LLC as investment banker.<\/p>\n

\n Additional Reorganization Information:<\/strong>\n <\/p>\n

The RVL Subsidiaries have filed a series of \u201cFirst Day Motions\u201d with the United States Bankruptcy Court for the District of Delaware.\u00a0 For more information about the Reorganization, including access to court filings and other documents, please visit https:\/\/restructuring.ra.kroll.com\/RVL<\/a>. \u00a0Interested parties who may have questions related to the Reorganization may call the responsible claims agent at (844) 870-7074 (U.S.\/Canada, toll-free) or +1 (646) 651-1184 (international, toll) or email inquiries at RVLInfo@ra.kroll.com<\/a>.<\/p>\n

\n For media inquiries, please contact:<\/strong>\n <\/p>\n

Lisa M. Wilson
In-Site Communications, Inc.
T: 212-452-2793
E: lwilson@insitecony.com<\/p>\n

\n About the Company<\/strong>\n <\/p>\n

RVL Pharmaceuticals plc is a specialty pharmaceutical company focused on the commercialization of UPNEEQ\u00ae (oxymetazoline hydrochloride ophthalmic solution), 0.1%, for the treatment of acquired blepharoptosis, or low-lying eyelid, in adults. UPNEEQ is the first non-surgical treatment option approved by the FDA for acquired blepharoptosis.<\/p>\n

\n IMPORTANT SAFETY INFORMATION<\/strong>\n <\/p>\n

\n INDICATION<\/strong>\n <\/p>\n

UPNEEQ\u00ae (oxymetazoline hydrochloride ophthalmic solution), 0.1%, is indicated for the treatment of acquired blepharoptosis in adults.<\/p>\n

\n WARNINGS AND PRECAUTIONS<\/strong>\n <\/p>\n