Ropes & Gray is advising an ad hoc group of senior secured noteholders and convertible noteholders (“Noteholders”) of Quotient Limited, with respect to, among other things, its pending Chapter 11 case. Quotient entered into a Transaction Support Agreement (“TSA”) with 100% of the Noteholders in support and commenced chapter 11 cases in Southern District of Texas on January 10, 2023. Pursuant to the TSA, the Noteholders funded $10 million of new secured debt prior to the filing, and have agreed to provide $41 million of new capital, discharge the convertible notes, and exchange the $147 million of existing secured indebtedness for new secured indebtedness and 100% of the equity of the reorganized company. Quotient Limited expects to emerge from chapter 11 in mid-February 2023.
Quotient Limited is a European-based diagnostics company that was until recently publicly listed in the U.S, that a) develops, manufactures, and sells conventional reagent products used to identify used in blood testing and b) develops and commercializes its diagnostic instrument platform for the autoimmune and allergy clinical diagnostic markets.
The Ropes & Gray team is led by capital solutions partner Sam Badawi and business restructuring partner Ryan Preston Dahl, and included capital solutions & private credit partners Jonathan Gill and Milap Patel, business restructuring partner Matthew Roose, tax partner Benjamin Rogers, finance partner Andrea Hwang, business restructuring partner Matthew Czyzyk, business restructuring associate Rahmon J. Brown, and capital solutions associate Anthony Marzocca.
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