8-K
filed May 12, 2023, 7:59 PM ET
CIK 0000874710
other material
confidence high
sentiment negative
materiality 0.95
ALLIED HEALTHCARE PRODUCTS INC: going-concern / distress — Allied Healthcare Products files Chapter 11; enters stalking horse asset sale agreements with Flexicare
ALLIED HEALTHCARE PRODUCTS INC
- Filed voluntary Chapter 11 petition on May 8, 2023 in Eastern District of Missouri; will operate as debtor-in-possession.
- Stalking horse agreements with Allied Medical (Flexicare) to sell St. Louis assets for $4.5M + 95% of receivables and NY assets for $3.15M + 95% of receivables.
- Obtained $4M DIP financing commitment from Sterling Commercial Credit (interim approval; final hearing June 1, 2023).
- Sale process divided into two segments; subject to higher or better offers at court-supervised auction; Ravinia Capital advising.
- Common stock recovery unlikely; FINRA assigned new symbol AHPIQ; trading highly speculative.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
ALLIED HEALTHCARE PRODUCTS INC faced acceleration on lease obligation of $57,400 with Fyler Storage Properties, LLC.
- Instrument
- lease obligation
- Principal
- $57,400
- Counterparty
- Fyler Storage Properties, LLC
- Event
- acceleration
Exact text from the filing
Company’s obligations under the Commercial Lease dated as of June 21, 2022, between Fyler Storage Properties, LLC and the Company (the “Lease”). Monthly rent under the lease is $57,400, subject to an annual increase of 2% each Lease year as described in the Lease. As of the Petition Date, the Company was current on lease payments. Pursuant to Section 362 of the
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Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.9
ALLIED HEALTHCARE PRODUCTS INC entered chapter 11 in United States Bankruptcy Court for the Eastern District of Missouri (petition 2023-05-08).
- Proceeding
- chapter 11
- Court
- United States Bankruptcy Court for the Eastern District of Missouri
- Petition
- 2023-05-08
Exact text from the filing
On May 8, 2023 (the “Petition Date”), the Company filed a voluntary petition (Case No. 23-41607) (the “Chapter 11 Case”) for relief under Chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Eastern District of Missouri (the “Bankruptcy Court”).
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
ALLIED HEALTHCARE PRODUCTS INC entered into STL Purchase Agreement (effective 2023-05-07).
- Action
- entry
- Agreement
- asset purchase
- Effective
- 2023-05-07
Exact text from the filing
on May 7, 2023, the Company entered the STL Purchase Agreement and the NY Purchase Agreement with Purchaser for the sale of the STL Assets and NY Assets, respectively.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
ALLIED HEALTHCARE PRODUCTS INC entered into NY Purchase Agreement (effective 2023-05-07).
- Action
- entry
- Agreement
- asset purchase
- Effective
- 2023-05-07
Exact text from the filing
on May 7, 2023, the Company entered the STL Purchase Agreement and the NY Purchase Agreement with Purchaser for the sale of the STL Assets and NY Assets, respectively.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
ALLIED HEALTHCARE PRODUCTS INC entered into DIP Credit Agreement with Sterling Commercial Credit, LLC valued at $4,000,000.
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Sterling Commercial Credit, LLC
- Value
- $4,000,000
Exact text from the filing
the Company and Sterling Commercial Credit, LLC (the “DIP Lender”) have agreed to enter into a senior secured super-priority debtor-in-possession term loan credit facility in a maximum loan amount of $4,000,000 subject to the terms and conditions set forth therein (the “DIP Credit Agreement”).
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