The US Bankruptcy Court approved the revised third amended joint plan of liquidation and disclosure statement of Clovis Oncology, Inc. on June 16, 2023. The debtor has filed its revised third amended joint plan in the Court on June 13, 2023. As per the revised third amended joint plan, administrative expense claims, fee claims, priority tax claims, U.S. Trustee Fees, other priority claims of $0.05 million, shall be paid in full in cash.

DIP facility claims of $80.17 million shall receive its pro rata share of the upfront FAP payment and DIP financing cash. Prepetition financing claims of $346.99 million shall be recovered 39.5% i.e., $137.06 million and shall receive its pro rata share of the net Rubraca proceeds and Rubraca cash. Other secured claims of $0 shall be paid in full in cash.

Unsecured note claims of $447.90 million shall be recovered 26% i.e., $116.45 million and shall receive its pro rata share of the GUC CVRs. U.S. general unsecured claims of $304.90 million shall be recovered 26% i.e., $79.27 million and shall receive its pro rata share of the GUC CVRs. U.K. general unsecured claims of $237.60 million and Ireland general unsecured claims of $237.30 million shall not receive or retain any distribution under the plan.

Existing securities law claims of $0 shall not receive any distribution under the plan. Interests shall be cancelled. In the event that there is in excess of $0.25 million of value remaining in the liquidation trust assets following payment in full of all allowed claims, the liquidation trustee may, in the liquidation trustee’s reasonable judgment, issue the interest CVRs, and holders of interests shall be entitled to receive their pro rata share of any such interest CVRs.

Intercompany Claims and Intercompany Interests shall be cancelled. The plan shall be funded through cash and sale of assets.