Tag: Invacare

ELYRIA, Ohio – Invacare has appointed Kai Zhu as senior vice president and CFO effective July 1. Zhu, who has served as Invacare’s vice president of finance for the Europe, Middle East and Africa (EMEA) since April 2022, has more than two decades of financial leadership experience. “On behalf of the board of directors, I am pleased to welcome Kai as our next chief financial officer,” said Geoffrey P. Purtill, president and CEO. “Kai brings deep experience and financial...

LOS ANGELES – A new analysis by researchers at the University of Southern California warns that overpayments to Medicare Advantage plans now exceed 20%, or $75 billion annually, underscoring the urgent need for reform.  Researchers with the USC Schaeffer Center for Health Policy & Economics found that the millions of beneficiaries in traditional Medicare who have switched to Medicare Advantage plans have lower spending than those with similar health risks. They report this pattern of...

NEW YORK – White Oak ABL and White Oak Commercial Finance, the asset-based lending affiliates of White Oak Global Advisors, provided a $40 million North America ABL credit facility to Invacare Holdings Corp., it announced today.  The $40 million ABL Facility was part of Invacare’s larger financial restructuring, which allowed the company to emerge from a voluntary pre-arranged bankruptcy and continue to pursue its goals in its core lifestyle and mobility & seating product categories.  “We...

ELYRIA, Ohio – A lot has happened in the first half of the year for Invacare and now that its U.S. entities have emerged from bankruptcy, it’s back to business, says CEO Geoff Purtill.  Since January, Invacare has, among other things, sold its Top End business and its respiratory business; announced plans to close a distribution facility in Sanford, Fla., this fall; partnered with MTMC to expand the reach of its lifestyle portfolio; and emerged from bankruptcy on May 5, 94 days...

ELYRIA, Ohio - Invacare Holdings reported its predecessor, Invacare Corp., had net sales of $165.5 million for the first quarter 2023, a decrease of 17.7% compared to the same period last year.  During the first quarter, Invacare announced that its U.S. entities, including Freedom Designs and Adaptive Switch Laboratories, had filed for Chapter 11 bankruptcy. They emerged from bankruptcy on May 5.  “Year-to-date, we've made tremendous strides in all aspects of the company’s...

ELYRIA, Ohio - Invacare Holdings reported its predecessor, Invacare Corp., had net sales of $165.5 million for the first quarter 2023, a decrease of 17.7% compared to the same period last year.  During the first quarter, Invacare announced that its U.S. entities, including Freedom Designs and Adaptive Switch Laboratories, had filed for Chapter 11 bankruptcy. They emerged from bankruptcy on May 5.  “Year-to-date, we've made tremendous strides in all aspects of the company’s...

MARSTONS MILLS, Mass. – MTMC, a national sales organization, will have a bigger presence in another segment of the health care market thanks to a new partnership with Invacare, says Managing Partner Jack Moran.  In April, MTMC was tapped by Invacare to expand the reach of the Lifestyle portfolio, working in tandem with the company’s inside sales team.  “In partnership with distributors our reps call on hospitals, long-term care facilities, ambulatory surgery centers,...

ELYRIA, Ohio – Invacare announced May 8 that the company, as well as its two U.S. subsidiaries, Freedom Designs and Adaptive Switch Laboratories, successfully emerged from Chapter 11 bankruptcy on May 5.  The news comes about three months after Invacare filed for Chapter 11.  “This marks the start of a new era for Invacare,” said Geoffrey P. Purtill, president and CEO, who will continue to lead the company. “With Chapter 11 behind us, we look to renew...

ELYRIA, Ohio – Invacare announced today that the company, as well as its two U.S. subsidiaries, Freedom Designs and Adaptive Switch Laboratories, successfully emerged from Chapter 11 bankruptcy on May 5.  The news comes about three months after Invacare filed for Chapter 11.  “This marks the start of a new era for Invacare,” said Geoffrey P. Purtill, president and CEO, who will continue to lead the company. “With Chapter 11 behind us, we look to renew...

ELYRIA, Ohio – Invacare’s Chapter 11 plan for reorganization was approved by the U.S. Bankruptcy Court for the Southern District of Texas on April 28, according to a Form 8-K filed on May 2.  For a summary of the material terms of the plan as approved and confirmed by the court, go here.  Invacare and two of its U.S. subsidiaries filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy code on Jan. 31 as part of a plan to reduce debt by about $240 million.  In...