Oxford-based Rockley Photonics, a biosensing platform for personal health management, announced on Monday, June 5, that it has completed a comprehensive financial reorganisation and has exited Chapter 11 after filing for bankruptcy in Q1.
This section of the Bankruptcy Code allows for reorganisation, which is done through a company or partnership. A Chapter 11 debtor presents a reorganisation plan to keep its firm running and pay creditors over time.
Fresh capital for reorganisation
Rockley Photonics also announced that it has got an additional $35M (approximately €32.63M) from its stakeholders, resulting in a reinforced capital structure.
The company expects to publish the results of its ongoing studies on a variety of biomarkers, including glucose, in the second part of the current year.