Clearside Biomedical completed its financial restructuring and emerged from Chapter 11. All conditions to the effectiveness of the company’s plan of reorganization, as confirmed by the United States Bankruptcy Court for the District of Delaware, have been satisfied or waived, and the plan became effective on the closing date. The plan was sponsored by Steel Partners, which provided new equity capital and credit support to the reorganized company. Clearside commenced its Chapter 11 case on Nov. 23, 2025.
Under the plan, an affiliate of Steel Partners purchased newly issued common shares of the reorganized company representing approximately 30% of the company’s aggregate economic interest and 80% of its total voting power, on an as-converted, fully diluted basis. Holders of the company’s existing common stock retained approximately 70% of the economic interest in the reorganized company, subject to dilution and customary reorganization adjustments. The proceeds were reserved to satisfy allowed claims. In addition, Steel Partners provided the company with a $3 million senior secured revolving credit facility for working capital and general corporate purposes.
