ROCKLEY PHOTONICS HOLDINGS LIMITED The US Bankruptcy Court approved the revised second amended plan of reorganization of Rockley Photonics Holdings Limited on March 10, 2023. The debtor has filed its revised second amended plan in the Court on March 10, 2023. As per the amended plan, administrative claims, professional fee claims, priority tax claims, statutory fees and other priority claims of $0 shall be paid in full in cash.
Other secured claims of $0 shall either be paid in full in cash or delivered collateral securing such claim or reinstated. Super senior notes claims shall receive its pro rata share and interest in a distribution of Reorganized Rockley equity which will constitute 75.82% of reorganized Rockley Equity, the right to purchase its Pro Rata share of $15.87 million of the Exit Financing, its pro rata share of $5.08 million of the exit financing and the right to participate in the prepetition noteholder private placement to acquire its pro rata share of up to 75.82 % of $20 million of reorganized Rockley Equity at a 20% discount to agreed equity value. Existing notes claims shall receive its pro rata share and interest in a distribution of reorganized Rockley Equity which will constitute 24.18% of reorganized Rockley Equity and the right to participate in the prepetition noteholder private placement to acquire its pro rata share of up to 24.18% of $20 million of reorganized Rockley Equity at a 20% discount to agreed equity value.
General unsecured claims of $0.42 shall either be paid in full or reinstated. Intercompany claims shall either be reinstated, converted to equity or extinguished, compromised, addressed, setoff, cancelled, or settled, potentially without any distribution. Interests in the debtor shall be cancelled, extinguished, and released.
Section 510(b) claims of $0 shall be discharged and extinguished without any distribution. The debtor shall fund distributions under the plan with the issuance of the reorganized Rockley Equity, proceeds from issuance of the exit financing of $20.9 million, proceeds from issuance of the reorganized Rockley Equity pursuant to the prepetition noteholder private placement and cash on hand.
