Liquidation

Overview

On 27 March 2026, a Petition was presented by each of Iterum Therapeutics Public Limited Company and Iterum Therapeutics International Limited (together the “Companies”), for the winding up of the Companies and for the appointment of Damien Murran and Jennifer McMahon of Teneo Restructuring (Ireland) Limited as Joint Provisional Liquidators pending the hearing of the Petition.

On 13 April 2026, the Irish High Court made Orders winding up the Companies under the provisions of the Irish Companies Act 2014 (the “Act”) and appointing Damien Murran and Jennifer McMahon Joint Liquidators (the “Joint Liquidators”).

The involvement of the Court in the liquidations ceased on the making of the winding up orders.

Financial Position of Companies

The Petitions set out in detail the asset and liability position of the Companies.

Iterum Therapeutics Public Limited Company had a total liability of $12.579 million as at 30 September 2025, in relation to subordinated notes.  Iterum Therapeutics International Limited owed royalty payments of $21,944,000 as at 31 January 2026.

A sworn statement of affairs was filed by the directors of the Companies in the Irish High Court on 28 April 2026. The below table is a summary of the of the asset and liability position as set out in the statements of affairs.

Company:	Iterum Therapeutics Public Limited Company	Iterum Therapeutics International Limited
Gross Assets	€255,000	€3,959,837
Gross Liabilities	€478,164	€20,098,272
Estimated Deficiency to Creditors	(€223,163)	(€16,138,435)

 

Ranking of Shareholders in the Liquidation

The Joint Liquidators are continuing to assess the affairs of the Companies and are evaluating strategies for the realisation of the Companies’ assets. Based on the available information, the Companies are and will remain insolvent and distributions to shareholders are not expected on the basis of the priority of claims in a liquidation as set out below. 

1.               Secured creditors (fixed charge)

2.               Liquidation costs

3.               Super-preferential creditors

4.               Preferential creditors (comprising employee and tax claims)

5.               Secured creditors (floating charge)

6.               Unsecured creditors

7.               Shareholders

 

Further Engagement with Shareholders

Where there is no prospect of a return to shareholders, the Joint Liquidators are unable to interact further with shareholders. Should realisations exceed all creditor liabilities, we will revert in due course to formally identify shareholders at the date of the liquidation, and to adjudicate on their shareholding.