Invacare restructures credit agreement
ELYRIA, Ohio – Invacare has amended its credit agreement, giving the company greater financial flexibility for the remainder of 2013, according to a press release. “We now have additional financial flexibility related to our debt covenants, which is important as we continue to work through the phase of the consent decree with the United States Food and Drug Administration that limits production at our Taylor Street wheelchair manufacturing facility,” stated Gerald Blouch, president and CEO of Invacare. As part of the amendment, Invacare will reduce its revolving credit facility from $400 million to $250 million through October 2015. The company will also limit its borrowings to an amount below $200 million until the end of the year, the release noted.