New Chapter 11 Filing – Carestream Health, Inc.

On August 23, 2022 (the “Petition Date”), Rochester, New York-based Carestream Health, Inc. along with several affiliates (the “Debtors”), which provide worldwide X-ray imaging systems for medical, non-destructive testing and precision contract coating services for industrial, medical and electronic applications, filed a petition for relief

under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10778). The company reports $1 billion to $10 billion in both assets and liabilities. The terms of the proposed restructuring are memorialized in a restructuring support agreement (the “RSA”) that serves as the foundation of the prepackaged Plan. Under the RSA, the Debtors will eliminate approximately $470 million of prepetition funded debt and raise up to $75 million of new equity capital, while also leaving general unsecured claims unimpaired. The Debtors state that as of the Petition Date, the Plan has been fully solicited and accepted by all creditor classes entitled to vote, including lenders collectively holding approximately 73% of the Debtors’ prepetition first lien revolver and term loan debt and approximately 98% of the Debtors’ prepetition second lien term loan debt.

Cole Schotz does not represent the Debtors in this case. We are posting this for informational purposes only. If you have received a notice and have any questions, you should contact Debtors’ counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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