Walkers advises on first approved restructuring plan presented under new Cayman Islands regime

Following orders of the United States Bankruptcy Court and the Grand Court of the Cayman Islands, both made on 10 March 2023, the first ever restructuring plan developed and presented under section 91B of the Cayman Islands Companies Act (2023 Revision) ("Restructuring Plan") has been approved.

Walkers act as Cayman Islands counsel to Rockley Photonics Holdings Limited (Restructuring Officers Appointed) (the "Company") and to its Joint Restructuring Officers, Mr Christopher Kennedy and Mr Alexander Lawson of Alvarez & Marsal Cayman Islands Limited (the "JROs").

On 23 January 2023 the Company presented voluntary reorganisation proceedings under Chapter 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York, and the following day it commenced proceedings under the new restructuring officer regime, under Part V of the Companies Act (2023 Revision).

Following orders of both Courts made today the amended Restructuring Plan has been approved.

The Walkers team is led by Partners Rupert Bell and Niall Hanna, with Associates Chaowei Fan and Alexandra Stasiuk.

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