REVA Medical pre-packaged reorganization plan to be confirmed

By Caroline Salls

Pittsburgh, Feb. 18 – REVA Medical, Inc.’s first-amended pre-packaged plan of reorganization will be confirmed by the U.S. Bankruptcy Court for the District of Delaware, according to a Tuesday docket entry.

The docket entry said a revised plan confirmation order will be uploaded for the court to sign.

As previously reported, REVA executed a restructuring support agreement on Dec. 23 with lender agent Goldman Sachs International and some of its affiliates, Senrigan Capital Management and affiliates of Elliott Management Corp. The agreement sets the terms of a comprehensive restructuring to be implemented through a pre-packaged plan of reorganization.

The plan transactions will allow REVA to emerge from Chapter 11 substantially de-levered with overall debt levels decreased by more than $90 million.

Under the plan, all administrative claims, all priority claims, and the vast majority of general unsecured creditors will be paid in full.

Senior secured lenders and holders of the company’s convertible notes will receive equity interests in the reorganized REVA and a new limited liability company created to continue the development and commercialization of REVA’s bioresorbable polymer technologies for coronary artery disease and peripheral artery disease.

The medical device company is based in San Diego. The company filed bankruptcy on Jan. 14 under Chapter 11 case number 20-10072.

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