Invacare announced yesterday that it successfully emerged from chapter 11 protection at the end of last week, MassDevice.com reported. Elyria, Ohio-based Invacare began financial restructuring activities that included filing for bankruptcy in February. This saw the company enter into a restructuring support agreement (RSA) that covers substantially all of its debt-holders. That includes its term loan lender, all holders of convertible senior secured notes and holders of a majority of convertible senior unsecured notes. The RSA included a reduction of Invacare’s funded debt by approximately $240 million. It also featured a backstop for a rights offering to holders of claims, providing Invacare with $60 million in equity capital.
