Bloomberg Law
Sept. 28, 2022, 8:51 PM

Bankrupt Onex Unit Carestream Wins Reorganization Plan Approval

James Nani
James Nani

Carestream Health won preliminary court approval of its bankruptcy plan that will cut the medical imaging product maker’s debt by about $470 million and fully repay unsecured creditors.

Bankruptcy Judge J. Kate Stickles said at a Wednesday hearing she will approve the prepackaged plan—with debt-for-equity terms negotiated with creditors before the actual Chapter 11 filing—after Carestream makes some tweaks.

Carestream, which is a subsidiary of Canada-based Onex Corp., filed for Chapter 11 on Aug. 23 with about $1 billion in outstanding debt. The debt includes $507.7 million in first-lien loan debt, and $448.2 million in second-lien term loan indebtedness, according ...

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