Avante Health Files Bankruptcy to Sell Business to Staple Street

Medical-equipment provider Avante Health Solutions filed for bankruptcy in order to sell its business to an affiliate of private equity firm Staple Street Capital.

Avante and several affiliates sought court protection from creditors on Tuesday in Delaware, listing on its Chapter 11 petition assets of between $50 million and $100 million and liabilities of between $100 million and $500 million.

Chicago-based Avante said in a statement that Staple Street Capital has agreed to acquire “substantially all of the company’s assets” and that the transaction will support a recapitalization of its business and cut debt from its balance sheet.

Financial ...