Clovis Oncology, Inc., along with its two affiliates filed a joint plan of liquidation with related disclosure statement in the US Bankruptcy Court on March 14, 2023. As per the plan filed, administrative expense claims, fee claims, priority tax claims, U.S. trustee fees, other priority claims, other secured claims, shall be paid in full in cash. DIP facility claims of $80.17 million shall receive pro rata share of upfront FAP payment and DIP financing cash.

To the extent the upfront FAP payment and DIP financing cash is insufficient to satisfy in full all allowed DIP facility claims on the effective date, any remaining DIP facility claims shall, in full and final satisfaction of such remaining DIP facility claims, be converted on a dollar-for-dollar basis into CVRs in accordance with this plan and the CVR agreement. Prepetition financing claims shall receive its pro rata share of the net rubraca proceeds and rubraca cash in accordance with the final DIP order. Unsecured note claims and general unsecured claims shall receive its pro rata share of the liquidation trust beneficial interests i.e., settlement in cash.

Existing securities law claims shall not receive any distribution under the plan. Interests shall be cancelled and shall not receive any distribution under the plan. Intercompany claims and intercompany interests shall be adjusted, continued, settled, reinstated, discharged, or eliminated, in each case to the extent determined to be appropriate by the Debtors or the Liquidation Trustee (as applicable), with the prior consent of the prepetition financing agent.

The plan shall be funded through cash and sale of assets.