Invacare Holdings Corporation, a leading manufacturer and distributor of medical equipment used in non-acute care settings, announced that Invacare Corporation and its two U.S. subsidiaries, Freedom Designs Inc and Adaptive Switch Laboratories Inc, successfully emerged from Chapter 11 on May 5, 2023.
Related: Invacare Files for Chapter 11 To Reorganize Finances
“This marks the start of a new era for Invacare. With Chapter 11 behind us, we look to renew our commitment to operational excellence and drive profitable long-term growth in our core lifestyle and mobility and seating product categories,” says Geoffrey P. Purtill, president and chief executive officer. “Invacare is well-positioned to capitalize on global tailwinds in the markets we serve. We continue to manufacture and deliver vital healthcare products to our customers and each day focus on our purpose of making life’s experiences possible for our end-users. Importantly, I want to express my gratitude to our associates for their unyielding commitment to Invacare. We now have a fresh start and a great opportunity to reshape the business for the future and realize our long-term growth potential.”
Approximately three months after filing for Chapter 11, Invacare emerges with a plan of reorganization that was supported by the key stakeholders, including support by nearly all creditor classes eligible to vote on the plan of reorganization. As a result of the reorganization, Invacare Holdings Corporation becomes the new parent company of Invacare’s global operations.
“We are pleased to have secured new financing which will provide additional flexibility,” says Kathy Leneghan, senior vice president and chief financial officer. “With a sustainable capital structure and enhanced balance sheet, we can now fully focus our efforts on executing our global transformation plan.”