Reva Medical Gets Pre-Packaged Bankruptcy Plan Approved

Reva Medical Inc., the maker of stents that dissolve into the body, received approval to reorganize in bankruptcy and shed more than $90 million in debt under a pre-packaged plan that hands equity over to its lenders.

The medical device company filed for bankruptcy in January, citing weak sales as it has continued marketing its bioresorbable treatment for coronary artery disease called Fantom Encore. The company initiated commercial sales in 2017.

Reva reached a deal with key stakeholders, including Goldman Sachs, Elliott Management Corp., and Senrigan Master Fund, before initiating its Chapter 11 case in the U.S. Bankruptcy ...