Invacare Gets Bankruptcy Court OK to Slash $240 Million of Debt

Invacare Corp., which makes wheelchairs and other devices for long-term care, won approval of a bankruptcy exit plan that trims $240 million in debt from its balance sheet and raises $75 in cash through a bondholder-backed rights offering.

Judge Christopher Lopez said Friday that he would confirm the restructuring plan, which is supported by lender Highbridge Capital Management. A group of unsecured bondholders including affiliates of Endurant Capital Management and DG Capital Management, according to court documents. The plan is also supported by investment firm Azurite Management, which acquired a 10% stake in Invacare in the year before ...