Tag: Bankruptcy
Densow’s works through bankruptcy process
August 15, 2023HME News Staff
RICHLAND, Wash. - Washington Medical Supplies, doing business as Densow’s Medical Supplies, has filed for Chapter 11 bankruptcy protection, but it remains open for business, according to a local newspaper. Co-owner Lisa Lewis told the Tri-Cities Area Journal that the company has actually tripled its revenues in recent years. “I’m hopeful for the future,” she told the newspaper. “I have an amazing team and we work as hard as we can every single day to ensure the success...
White Oak supports Invacare’s growth
June 20, 2023HME News Staff
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...
Invacare to close facility in Florida
April 11, 2023HME News Staff
ELYRIA, Ohio – Invacare will close its production and distribution facility in Sanford, Fla., at the end of September 2023, in a move that will impact about 90 associates, according to a Form 8-K filed with the U.S. Securities and Exchange Commission.
The company will move the manufacturing and distribution activities that take place at the Sanford facility to other locations or have them conducted by third parties.
“This decision is supportive of the company’s...
Invacare delays financial reporting
April 6, 2023HME News Staff
ELYRIA, Ohio – Invacare has filed a Form NT 10-K notifying the U.S. Securities and Exchange Commission that it is unable to file its annual report for the period ending Dec. 31, 2022, within the prescribed time period due to its Chapter 11 bankruptcy filing.
“Due to the considerable time and resources the company’s management is devoting to the Chapter 11 cases, and the need to prepare and review the disclosures required in the Form 10-K as a result of the Chapter 11 cases,...
Invacare files for bankruptcy, enters restructuring agreement
February 1, 2023HME News Staff
ELYRIA, Ohio – Invacare and two of its U.S. based subsidiaries have filed Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas, the company announced today.
The company does not anticipate the filings will impact its ability to manufacture and deliver products to its customers globally, and says its other businesses throughout the world remain strong and are not included in the filings.
The filings are part of a restructuring support agreement (RSA)...
Court approves Joerns' Chapter 11 plan
July 30, 2019HME News Staff
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...
Univita assets sold
November 13, 2015HME News Staff
MIRAMAR, Fla. - A chunk of Univita Health's assets sold this week for $2.5 million. Just prior to a telephone auction on Nov. 11, the trustee for the provider's bankruptcy case accepted a bid from Integrated Home Care Investors. The assets include seven Florida locations, office equipment and furniture, supplies, HME inventory and a fleet of 90 vehicles. The sale is expected to close Nov. 16. The Miami-based Integrated Home Care is led by Jorge Pereda, a former CEO of All-Med Services of Florida,...
Liberty files complaint against Medco
April 23, 2014HME News Staff
PORT ST. LUCIE, Fla. - Liberty Medical has filed a complaint with the U.S. Bankruptcy Court for the District of Delaware against Medco Health Solutions alleging that Medco engaged in “inequitable conduct” during Liberty management's buyout of Medco's then-subsidiary Polymedica, a transaction that included the Liberty business.Liberty's management alleges, among other things, that it was only after filling for bankruptcy that they learned that more than $42 million listed in accounts receivables...
Rotech cuts back oxygen deliveries
March 25, 2014HME News Staff
ORLANDO, Fla. - Rotech Healthcare has stopped oxygen deliveries, except for first-time set-ups and emergencies, in West Virginia, according to a local TV station. The company is now requiring patients to go to the Elkview location to refill their tanks, WSAZ reports. Rotech told the TV station that the cutbacks in service are the result of restructuring due to its bankruptcy. Another provider in the area, Boll Medical in Charleston, told WSAZ that it still delivers oxygen to more than 60 patients...
The year in stories
December 27, 2013HME News Staff
YARMOUTH, Maine - Competitive bidding and bankruptcies (three of them, to be exact) dominated the headlines of HME News in 2013.
We compiled a list of the five most read stories for 2013, plus the five most read stories about respiratory, mobility and financial-related topics. Here's what turned up.
Most read stories
CMS announces payment amounts for Round 2
BALTIMORE - CMS announced today that reimbursement rates for certain home medical equipment will be, on average, 45% lower than...