--- schema_version: "secwatch.filing_event.v1" accession: "0000742112-23-000008" form_type: "8-K" ticker: null cik: "0000742112" company_name: "INVACARE HOLDINGS Corp" filed_at: "2023-02-01T23:59:59+00:00" generated_at: "2026-06-20T04:22:50.525015+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 1.0 calibrated_materiality_score: 1.0 confidence: "high" source: SEC EDGAR --- # Invacare files Chapter 11; common stock cancelled; sells respiratory business for $11.9M ## Summary - Filed Chapter 11 on Jan 31, 2023; restructuring support agreement with majority of debt holders to implement plan. - DIP financing: $70M term loan ($35M roll-up) and $17.4M revolver to fund operations during Chapter 11. - Common shares to be cancelled without distribution; holders receive nothing. Unsecured note holders get rights offering and new equity. - Completed sale of respiratory assets to Ventec Life Systems for $11.9M cash; net proceeds ~$11.5M. - Terminated Birlasoft IT services agreement due to breach; also sold Top End wheelchair business on Jan 27. ## SEC filing metadata - accession: 0000742112-23-000008 - form_type: 8-K - cik: 0000742112 - company_name: INVACARE HOLDINGS Corp - filed_at: 2023-02-01T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 1.0 - calibrated_materiality_score: 1.0 - confidence: high - sec_items: 1.01, 1.03, 1.02, 2.01, 2.02, 2.03, 2.04, 7.01, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/742112/000074211223000008/0000742112-23-000008-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/742112/000074211223000008/ivc-20230127.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0000742112-23-000008 - JSON: https://secwatch.observer/filing/0000742112-23-000008.json - Plain text: https://secwatch.observer/filing/0000742112-23-000008.txt ## Key facts - Debt Financings INVACARE HOLDINGS Corp faced acceleration on convertible notes of $20,736,000 at 5.68% maturing due 2026. - Instrument: convertible notes - Principal: $20,736,000 - Rate: 5.68% - Maturity: due 2026 - Event: acceleration source text: (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 evidence_url: https://www.sec.gov/Archives/edgar/data/742112/000074211223000008/0000742112-23-000008-index.htm - Debt Financings INVACARE HOLDINGS Corp faced acceleration on convertible notes of $69,700,000 at 4.25% maturing due 2026. - Instrument: convertible notes - Principal: $69,700,000 - Rate: 4.25% - Maturity: due 2026 - Event: acceleration source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/742112/000074211223000008/0000742112-23-000008-index.htm - Debt Financings INVACARE HOLDINGS Corp faced acceleration on convertible notes of $77,758,161 at 5.00% maturing due 2024. - Instrument: convertible notes - Principal: $77,758,161 - Rate: 5.00% - Maturity: due 2024 - Event: acceleration source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/742112/000074211223000008/0000742112-23-000008-index.htm - Debt Financings INVACARE HOLDINGS Corp faced acceleration on convertible notes of $72,909,000 at 5.00% maturing due 2024. - Instrument: convertible notes - Principal: $72,909,000 - Rate: 5.00% - Maturity: due 2024 - Event: acceleration source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/742112/000074211223000008/0000742112-23-000008-index.htm - Debt Financings INVACARE HOLDINGS Corp faced acceleration on convertible notes of $20,739,000 at 5.68% maturing due 2026. - Instrument: convertible notes - Principal: $20,739,000 - Rate: 5.68% - Maturity: due 2026 - Event: acceleration source text: (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 evidence_url: https://www.sec.gov/Archives/edgar/data/742112/000074211223000008/0000742112-23-000008-index.htm - Distress & Bankruptcy INVACARE HOLDINGS Corp entered chapter 11 in U.S. Bankruptcy Court for the Southern District of Texas (petition 2023-01-31). - Proceeding: chapter 11 - Court: U.S. Bankruptcy Court for the Southern District of Texas - Petition: 2023-01-31 source text: 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”). evidence_url: https://www.sec.gov/Archives/edgar/data/742112/000074211223000008/0000742112-23-000008-index.htm - Earnings Releases INVACARE HOLDINGS Corp reported financial results for the three months ended December 31, 2022. - Period: the three months ended December 31, 2022 - Result: reported results source text: On February 1, 2023, the Company issued a press release regarding its financial results for the three months ended December 31, 2022. evidence_url: https://www.sec.gov/Archives/edgar/data/742112/000074211223000008/0000742112-23-000008-index.htm - M&A Transactions INVACARE HOLDINGS Corp completed a disposition involving Ventec Life Systems, Inc for $11,925,644 in cash payable at closing (closed 2023-01-30). - Action: disposition - Counterparty: Ventec Life Systems, Inc - Consideration: $11,925,644 in cash payable at closing - Closing: 2023-01-30 source text: “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 evidence_url: https://www.sec.gov/Archives/edgar/data/742112/000074211223000008/0000742112-23-000008-index.htm - M&A Transactions INVACARE HOLDINGS Corp completed a disposition involving Top End Sports, LLC (closed 2023-01-27). - Action: disposition - Counterparty: Top End Sports, LLC - Closing: 2023-01-27 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/742112/000074211223000008/0000742112-23-000008-index.htm - Material Agreements INVACARE HOLDINGS Corp terminated Master Services Agreement with Birlasoft Solutions Inc. and certain of its affiliates (collectively, "Birlasoft") (effective 2023-01-27). - Action: termination - Counterparty: Birlasoft Solutions Inc. and certain of its affiliates (collectively, "Birlasoft") - Effective: 2023-01-27 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/742112/000074211223000008/0000742112-23-000008-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.