One of Richard Newsteds last victories...Rotech Successfully Completes Financial Restructuring and
Emerges From Chapter 11
Receives $358 million in exit financing
Debt reduced more than $300 million
September 27, 2013 04:35 PM Eastern Daylight Time
ORLANDO, Fla.--(BUSINESS WIRE)--Rotech Healthcare Inc. announced today that it has
successfully completed its financial restructuring and has emerged from Chapter 11 protection.
“Today marks a new beginning for Rotech”
As a result of this five month restructuring process, Rotech substantially deleveraged its balance
sheet, positioning Rotech to be a financially stronger enterprise. Rotech successfully reduced its
outstanding debt by more than $300 million and reduced its annual cash interest expense from $60
million to less than $20 million.
“Today marks a new beginning for Rotech,” said Steven P. Alsene, Rotech’s President and Chief
Executive Officer. “With the financial restructuring behind us, we have the increased financial
flexibility, which we believe will allow us to compete aggressively in today’s home medical equipment
market. Our brief restructuring would not have been possible without the support of our lenders,
creditors, suppliers, customers and especially our employees.”
Proskauer Rose, LLP serves as the Company’s legal advisor, Barclays as financial advisor and
AlixPartners as restructuring advisor.
Wachtell Lipton Rosen & Katz serves as legal advisor to each of the Consenting Noteholders holding
Second Lien Secured Notes.
About Rotech Healthcare Inc.
Emerges From Chapter 11
Receives $358 million in exit financing
Debt reduced more than $300 million
September 27, 2013 04:35 PM Eastern Daylight Time
ORLANDO, Fla.--(BUSINESS WIRE)--Rotech Healthcare Inc. announced today that it has
successfully completed its financial restructuring and has emerged from Chapter 11 protection.
“Today marks a new beginning for Rotech”
As a result of this five month restructuring process, Rotech substantially deleveraged its balance
sheet, positioning Rotech to be a financially stronger enterprise. Rotech successfully reduced its
outstanding debt by more than $300 million and reduced its annual cash interest expense from $60
million to less than $20 million.
“Today marks a new beginning for Rotech,” said Steven P. Alsene, Rotech’s President and Chief
Executive Officer. “With the financial restructuring behind us, we have the increased financial
flexibility, which we believe will allow us to compete aggressively in today’s home medical equipment
market. Our brief restructuring would not have been possible without the support of our lenders,
creditors, suppliers, customers and especially our employees.”
Proskauer Rose, LLP serves as the Company’s legal advisor, Barclays as financial advisor and
AlixPartners as restructuring advisor.
Wachtell Lipton Rosen & Katz serves as legal advisor to each of the Consenting Noteholders holding
Second Lien Secured Notes.
About Rotech Healthcare Inc.
