Exhibit 99.1
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REVA Medical Files for Court Approval of Prepackaged Plan of Reorganization
Sydney, Australia and San Diego, California (Wednesday, 15 January 2020 AEST) – REVA Medical, Inc. (ASX: RVA) (“REVA” or the “Company”) announced today that it has filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court in Delaware. Prior to the filing, on December 23, 2019, REVA entered into a Restructuring Support Agreement with certain of its key stakeholders. The Restructuring Support Agreement set forth the details of a series of restructuring transactions aimed to address the Company’s outstanding debt structure through a significant deleveraging and position the Company for long-term growth.
In connection with the Chapter 11 filing and pursuant to the Restructuring Support Agreement, the Company filed a prepackaged plan of reorganization setting forth the details of the restructuring transactions and a series of motions requesting relief from the Bankruptcy Court to allow normal business operations. Upon approval by the Court, REVA will pay employee wages and benefits without interruption and pay vendors and suppliers in the normal course of business. Throughout this process, REVA will continue ordinary course operations, including upholding the terms of its international licensing agreements and separately expects to use provisions in the Bankruptcy Code that require suppliers to meet the terms of theirpre-existing contracts.
The Company hopes to emerge from the Chapter 11 process as quickly as practicable as a standalone private enterprise focused on its peripheral vascular product line and further development of the embolics business.
“While the clinical outcomes data from the Company’s Fantom and Fantom Encore bioresorbable scaffolds (BRS) remains excellent, BRS adoption has been greatly impacted by concerns with clinical data from inferior competitive devices. As a result, we are focusing on opportunities in the peripheral interventional and embolics market segments,” said Jeffrey Anderson, President.
In conjunction with the restructuring, REVA has secured additionalpre-petition financing of $4.4 million, which, combined with additional post-bankruptcy exit financing will allow REVA to meet its near-term financial commitments.
More detailed information of the Plan is available in the Company’s Restructuring Support Agreement, which is filed on Form8-K with the U.S. Securities and Exchange Commission (“SEC”) on January 14, 2020.
Additional information regarding the Company’s chapter 11 case, CaseNo. 20-10072 (Bankr. D. Del.), can be found athttp://case.stretto.com/reva.
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HEAD OFFICE: 5751 Copley Drive, San Diego, CA 92111 • +1 (858)966-3000 • +1 (858)966-3099 (FAX) • www.revamedical.com
ARBN 146 505 777 • REVA Medical, Inc., is a foreign company incorporated in Delaware, USA, whose stockholders have limited liability