LivaNova PLC (LIVN) presents a materially negative liquidation recovery posture as of March 31, 2026, consistent with the prior period. The MFFAIS-reported cash liquidation value of negative $555M and operating liquidation value of negative $160M reflect the asymmetry between haircut assets and face-value liabilities that characterizes this balance sheet. Total assets are $2.52B against total liabilities of $1.31B, yielding GAAP book equity of $1.21B — but liquidation adjustments compress recoverable value substantially. The dominant asset categories by book value are goodwill ($786M), intangible assets ($225M), and cash ($540M). Under the liquidation lens, goodwill and intangibles receive a 0% recovery haircut, eliminating approximately $1.01B of book value. PP&E net of $255M recovers at 50-70%, yielding $128M-$179M. Inventory of $165M (inclusive of a $19.1M reserve) recovers at 60%, or roughly $99M. Accounts receivable of $229M (against a $10.3M allowance) recovers at 90-95%, or approximately $206M-$218M. Cash of $540M recovers at par. The liability stack includes $389M in accrued environmental liabilities (SNIA, current classification), $102.6M in accrued liabilities, $99.1M in accounts payable, $102.7M in contingent consideration (acquisition earnouts, including $59.6M current), $93.3M in noncurrent derivative liabilities (embedded derivative on the 2029 convertible notes), $285M in long-term debt, $57.6M in deferred compensation, and $46.7M in noncurrent operating lease liabilities. All carry at face value in liquidation. The SNIA environmental liability is the single most significant balance-sheet risk item — $389M on the current balance sheet following Q1 2025's €333M ($360M) charge from the Italian Supreme Court ruling. This obligation does not extinguish on wind-down; it represents a firm legal claim against the estate. Compared to the prior 10-K (December 31, 2025), total debt declined by $89M due to the January 2026 early repayment of Term Facilities ($95.9M), and cash dropped from $636M to $540M. The SNIA environmental accrual is unchanged at $389M. Goodwill declined slightly by $7.3M (FX translation). The contingent consideration liability increased modestly. No impairment charges, restructuring actions, or intangible write-downs were recorded in Q1 2026. The 2029 convertible notes remain outstanding with an associated embedded derivative liability of $93.3M noncurrent; the embedded derivative introduces mark-to-market volatility but does not reduce principal obligations. Filing discusses the SNIA environmental liability and contingent consideration arrangements in MD&A but the aggregate SNIA noncurrent portion is not separately XBRL-tagged — the $389M AccruedEnvironmentalLossContingenciesCurrent captures the full current accrual. Pension liability is $13.1M, modest relative to total obligations.
▼ Community Notes