On August 23, 2022 (the “Petition Date”), Rochester, New York-based Carestream Well being, Inc. together with a number of associates (the “Debtors”), which give worldwide X-ray imaging programs for medical, non-destructive testing and precision contract coating providers for industrial, medical and digital purposes, filed a petition for aid underneath Chapter 11 of the Chapter Code within the Chapter Court docket for the District of Delaware (Case No. 22-10778). The corporate reviews $1 billion to $10 billion in each property and liabilities. The phrases of the proposed restructuring are memorialized in a restructuring help settlement (the “RSA”) that serves as the muse of the prepackaged Plan. Beneath the RSA, the Debtors will get rid of roughly $470 million of prepetition funded debt and lift as much as $75 million of recent fairness capital, whereas additionally leaving common unsecured claims unimpaired. The Debtors state that as of the Petition Date, the Plan has been totally solicited and accepted by all creditor courses entitled to vote, together with lenders collectively holding roughly 73% of the Debtors’ prepetition first lien revolver and time period mortgage debt and roughly 98% of the Debtors’ prepetition second lien time period mortgage debt.
Cole Schotz doesn’t signify the Debtors on this case. We’re posting this for informational functions solely. In case you have obtained a discover and have any questions, it’s best to contact Debtors’ counsel.
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