INVACARE HOLDINGS Corp: going-concern / distress — Invacare Chapter 11 plan confirmed; common equity cancelled with no recovery

INVACARE HOLDINGS Corp

Bankruptcy Court confirmed plan on April 28, 2023; effective date pending.
All existing common shares (37.96M) will be cancelled, holders receive no distribution.
Term loan and secured notes claimants get Pro Rata shares of Exit Term Loan or Exit Secured Convertible Notes.
Unsecured noteholders get Pro Rata share of new common equity and Litigation Trust interests.
As of March 31, 2023, total assets ~$596M, total liabilities ~$592M per monthly operating report.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

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

Exact text from the filing

As previously disclosed, on January 31, 2023 (the “Petition Date”), Invacare Corporation (the “Company”) and two of its U.S. direct subsidiaries (collectively, the “Debtors” or “Company Parties”) filed voluntary petitions 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”).

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Source: SEC EDGAR

accession 0000742112-23-000041

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