Novelion Announces Completion of Plan of Liquidation and Distribution and its Voluntary Dissolution
VANCOUVER, British Columbia, March 10, 2023 (GLOBE NEWSWIRE) -- Novelion Therapeutics Inc. (“Novelion” or the “Company”) by Alvarez & Marsal Canada Inc., Novelion’s liquidator (the “Liquidator”) today announced that Novelion has concluded the implementation of its plan of liquidation and distribution (the “Plan”) by winding down and dissolving the Company (the “Dissolution”).
The Dissolution followed the completion of all remaining steps of the Company’s Plan, in accordance with the Orders of the Supreme Court of British Columbia (the “B.C. Court”).
As previously announced, the Liquidator obtained approval from the B.C. Court to proceed with the Dissolution of the Company after a final distribution. Certain releases and approvals of the Liquidator’s fees and disbursements were also granted by the B.C. Court. The final distribution was comprised of approximately US$2.47 million (US$0.125/share), representing the aggregate of the cash remaining in Novelion, including the proceeds from the sale of the remaining American depository receipts of Amryt Pharma plc, less expenses incurred or to be incurred through the completion of the Company’s statutory liquidation, and was made in March 2022, On January 25, 2022, the United States Bankruptcy Court for the Southern District of New York (the “US Court”) granted an Order closing the proceedings of Novelion under Chapter 15 of the United States Bankruptcy Code.
The Liquidator will be seeking its discharge from the B.C. Court following completion of the Dissolution.
Any interested parties should visit www.alvarezandmarsal.com/novelion for further information about Novelion, the Liquidation, the Dissolution and related matters.
Cautionary Information Regarding the Company’s Securities
As of the effective date for the Company’s liquidation, being January 16, 2020 (the “Effective Date”), the Company’s transfer agent closed the Company’s stock transfer books and discontinued recording transfers, and registered shareholders were no longer able to transfer ownership of their shares. All distributions made in the Liquidation, were made only to registered shareholders as of the Effective Date, and beneficial holders of common shares were entitled to receive any distributions only through and from the applicable registered holder of their shares. Shareholders whose shares in Novelion were held in a brokerage firm or with a securities dealer, trust company, bank or another similar organization, are encouraged to reach out to their broker, dealer, trust, bank or other agent with any questions relating to the processes or requirements for receiving any such distributions.
The Company believes, but cannot assure, that trading in the Company’s common shares was suspended or otherwise ceased as of the Effective Date or shortly thereafter.
Alvarez & Marsal Canada Inc.