RVL Pharmaceuticals said several of its operating subsidiaries are filing for bankruptcy in a prepackaged deal with lender Athyrium Capital and other key stakeholders, WSJ Pro Bankruptcy reported. The reorganization will give the RVL subsidiaries a pathway to reduce their debt, streamline operations and position themselves under new ownership. RVL will wind down all operations aside from the three subsidiaries that are reorganizing. Shares of RVL will be canceled once the wind-down is finished, expected next year. The company said there will likely be no recovery for public shareholders. Through the reorganization, Athyrium will exchange its outstanding debt into equity in the newly formed entity. The operating subsidiaries that will reorganize are: RevitaLid Pharmaceutical, RVL Pharmaceuticals and RVL Pharmacy.
