New Chapter 11 Filing – Rockley Photonics Holdings Ltd.

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On January 23, 2023, Rockley Photonics Holdings Ltd. (the “Debtor”) filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 23-10081). In the petition, the company reported $90.9 million in assets and $120.7 million in liabilities.  The Company is a United Kingdom-based developer of “silicon photonics-based biosensing solutions that target a portfolio of biomarkers to provide insights into personal health and well-being.” The resolutions attached to the petition authorize solicitation of a prepackaged plan providing for “the issuance of Reorganized Rockley Equity in exchange for cancellation of the Prepetition Notes; the execution and delivery of New Governance Documents; the execution and delivery of the Exit Financing Documents for $20 million of Exit Financing; implementation of the Private Placement for the issuance of $20 million of Reorganized Rockley Equity and implementation of the Management Incentive Plan.”

Cole Schotz P.C. does not represent the Debtor in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtor’s counsel. 

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York and Texas.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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