Tag: Chapter 11 Bankruptcy

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 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...

CHARLOTTE, N.C. - Joerns Healthcare says the U.S. Bankruptcy Court for the District of Delaware has confirmed the Chapter 11 plan for the company and its domestic subsidiaries. Joerns expects to complete its restructuring and successfully emerge from bankruptcy over the coming weeks. The restructuring plan reduces the company's debt by more than $320 million, while providing up to $40 million of new financing to support its ongoing operations and continued investments. The plan also provides...

WILMINGTON, Del. - A bankruptcy judge has disallowed several whistleblower claims in Liberty Medical Supply's Chapter 11 bankruptcy case.Former employees Deborah Loveland and Lucas Matheny had alleged that Liberty received millions in overpayments from Medicare and Medicaid, which it never repaid, and covered up it all up by tampering with data, according to Law360.U.S. Bankruptcy Judge Peter Walsh ruled that Loveland and Matheny provided no proof of a false record or statement, no proof that Liberty...

ORLANDO—The U.S. Bankruptcy Court has granted Rotech's first-day motions, which are designed to ensure normal daily operations during the company's Chapter 11 debt restructuring, according to a press release. Among several motions, the court approved Rotech's ability to continue paying employee wages and benefits, and authorized the immediate use of $25 million of the company's $30 million debtor-in-possession (DIP) financing, the release stated. Additionally, the court approved...

ORLANDO, Fla. - Rotech Healthcare announced today that it has filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. As part of its reorganization plan, Rotech will eliminate about half of its secured debt, the company stated in a press release. “Today's actions will enable us to create a capital structure that will provide a foundation for sustained profitability and future growth,” stated Steven Alsene, president and CEO of Rotech,...

ORLANDO, Fla. - Rotech Healthcare plans to emerge from bankruptcy protection a stronger company with an eye toward “aggressive” growth, says President and CEO Steven Alsene.“It's a game changer for the company,” he said. “We are very enthused and looking forward to a solid future.”On March 15, the provider announced plans to file for Chapter 11 bankruptcy protection. Rotech has struggled with debt—currently at $543.5 million—since 2002, when it was...

PORT ST. LUCIE, Fla. - The changes at Liberty Medical Supply are happening at a dizzying speed. Just months after a group of company execs bought Liberty Medical from its parent company, they filed for Chapter 11 bankruptcy on Feb. 15, according to news reports. In its filing, Liberty Medical cites between $100 million and $500 million in both assets and liabilities, and between 1,000 and 5,000 employees. It lists several unsecured creditors with disputed claims, including CGS Administrators,...