White & Case Advises Athyrium Capital Management on the Restructuring of RevitaLid Pharmaceutical Corp. and its Subsidiaries

Global law firm White & Case LLP has advised specialized asset management company Athyrium Capital Management, LP and certain funds it manages on the acquisition of the equity of RVL Pharmaceuticals, Inc., a specialty pharmaceutical company that develops and sells eyecare and medical aesthetics products, and its subsidiary, through a prepackaged chapter 11 restructuring plan confirmed by the United States Bankruptcy Court for the District of Delaware.

Funds managed by Athyrium, the holders of RevitaLid Pharmaceutical Corp.'s (previously the direct parent holding company of RVL Pharmaceuticals, Inc.) prepetition secured notes, sponsored the restructuring, and provided a debtor-in-possession (DIP) facility and an exit facility. The reorganization resulted in funds managed by Athyrium acquiring 97.5% of RVL Pharmaceuticals, Inc. through a newly created holding company that indirectly owns 100% of RVL Pharmaceuticals, Inc., the winding down of RevitaLid Pharmaceutical Corp. after emergence, and elimination of prepetition secured indebtedness. The chapter 11 proceedings commenced on October 12, 2023, and the chapter 11 plan was confirmed on November 20, 2023. 

White & Case structured the overall transaction, and documented the DIP facility, the exit facility and various organizational and corporate transactional documents to facilitate the tax-efficient acquisition of the equity through chapter 11. The transaction closed on November 22, 2023.

The White & Case team included Financial Restructuring & Insolvency partners Scott Greissman, Lisa Feld and Andrew Zatz, and associates Livy Mezei, Riley Sissung and Peter Strom; Tax Partner Scott Fryman; M&A partner Adam Cieply, and associates Jane Kim, Cristen Callan, Annabelle Healey and Sara Tadayyon; Debt Finance partner Judah Frogel, and associates Eriq Yu and Yana Gontcharova (all in New York); Technology Transactions partner Andres Liivak (New York) and counsel Ajita Shukla (Washington, DC); Employment, Compensation & Benefits partner Tal Marnin and counsel Kenneth Barr (both in New York); and Capital Markets partner Scott Levi and associate Christina Min (both in New York).

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