INVACARE HOLDINGS Corp: going-concern / distress — Invacare files Chapter 11; common stock cancelled; sells respiratory business for $11.9M

(the “Prepetition ABL Agreement” and together with the Term Loan Agreement, the “Prepetition Credit Agreements”). As of the Petition Date, the Company had an aggregate of (i) $20,739,000 in aggregate principal amount of Tranche I Secured Notes, (ii) $20,736,000 in aggregate principal amount of Tranche II Secured Notes, (iii) $72,909,000 in aggregate principal

Tranche II Secured Notes, (iii) $72,909,000 in aggregate principal amount of 2024 Notes, Series I, (iv) $77,758,161 in aggregate principal amount of 2024 Notes, Series II, (v) $69,700,000 in aggregate principal amount of 2026 Notes, (vi) $5.8 million with $6.5 million in reserve of the Prepetition ABL Agreement and (vii) $90,500,000 in principal of the Prepetition

I Secured Notes, (ii) $20,736,000 in aggregate principal amount of Tranche II Secured Notes, (iii) $72,909,000 in aggregate principal amount of 2024 Notes, Series I, (iv) $77,758,161 in aggregate principal amount of 2024 Notes, Series II, (v) $69,700,000 in aggregate principal amount of 2026 Notes, (vi) $5.8 million with $6.5 million in reserve of the

had an aggregate of (i) $20,739,000 in aggregate principal amount of Tranche I Secured Notes, (ii) $20,736,000 in aggregate principal amount of Tranche II Secured Notes, (iii) $72,909,000 in aggregate principal amount of 2024 Notes, Series I, (iv) $77,758,161 in aggregate principal amount of 2024 Notes, Series II, (v) $69,700,000 in aggregate principal amount of

(the “Prepetition ABL Agreement” and together with the Term Loan Agreement, the “Prepetition Credit Agreements”). As of the Petition Date, the Company had an aggregate of (i) $20,739,000 in aggregate principal amount of Tranche I Secured Notes, (ii) $20,736,000 in aggregate principal amount of Tranche II Secured Notes, (iii) $72,909,000 in aggregate principal

Chapter 11 Filing On January 31, 2023 (the “Petition Date”), the Company and certain of its direct and indirect subsidiaries (collectively, the “Company Parties”) filed a voluntary petition under chapter 11 of the U.S. Bankruptcy Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) to implement the Restructuring Transactions (as defined below) contemplated by the Restructuring Support Agreement and the Plan (as defined below) (the “Chapter 11 Cases”).

On February 1, 2023, the Company issued a press release regarding its financial results for the three months ended December 31, 2022.

“Purchaser”), pursuant to an Asset Purchase Agreement dated as of January 30, 2023 (the “Purchase Agreement”). The purchase price paid by the Purchaser in the Transaction was $11,925,644 in cash payable at closing, and the Company estimates net proceeds from the Transaction are approximately $11,500,000 after fees and expenses. The Purchase Agreement contains

On January 27, 2023, the Company completed the sale of its Top EndTM sports and recreational wheelchair and handcycle business to Top End Sports, LLC.

On January 27, 2023, the Company terminated the Master Services Agreement following Birlasoft's breach of the Master Services Agreement, including but not limited to Birlasoft's failure to meet transformation milestones, failure to provide services, and breach of representations, warranties and covenants in the Master Services Agreement.