ProSomnus, Inc.: going-concern / distress — Bankruptcy court confirms ProSomnus Chapter 11 plan; equity canceled with no recovery

on May 7, 2024, ProSomnus, Inc. (the “ Company ”) and certain of its existing affiliates and subsidiaries (collectively, the “ Debtors ”) filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Bankruptcy Code, as amended (the “ Bankruptcy Code ”), in the United States Bankruptcy Court for the District of Delaware (the “ Bankruptcy Court ”) with a pre-negotiated chapter 11 plan as contemplated by the Restructuring Support Agreement, dated May 7, 2024 (the “ RSA ”). The Debtors’ Chapter 11 cases are being jointly administered under the caption In re ProSomnus Inc.., et al ., Case No. 24-10972 (the “ Chapter 11 Cases ”).