Joerns Healthcare Seeking To Eliminate Debt With Restructuring Plan

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Jun 25, 2019, 07:16 ET

CHARLOTTE, N.C., June 25, 2019 /PRNewswire/ -- Joerns WoundCo. Holdings, Inc., doing business as Joerns Healthcare, has filed a prepackaged, consensual plan of reorganization under Chapter 11 in the United States Bankruptcy Court for the District of Delaware.

The company is seeking court approval of a restructuring plan that is supported by the majority of its lenders and noteholders. The plan will eliminate a substantial amount of debt and provide operating capital during the restructuring process and beyond. The company has requested that the plan be approved and the process complete within the next 30-45 days.

"Our filing today is the product of many months of discussions and careful planning about the company's future and how to leverage our unique position in the healthcare market as a nationwide provider of trained service technicians and exceptional products," said President and Chief Executive Officer David Johnson. "By strengthening our financial footing, Joerns will be well-positioned to capitalize on the momentum we have started over the past six months, launching four new products to serve a range of customers throughout the complete continuum of patient care.

"These products bring new capabilities to an industry in need of fresh ideas and new approaches. They are tangible proof that Joerns is ready to be a leader in solving problems through innovative products, a reputation on which the company was built more than 125 years ago," Johnson added.

During the restructuring process, all day-to-day operations for Joerns Healthcare will continue as normal. This includes customer deliveries, services and technical support, manufacturing schedules and payment of employees, suppliers and vendors. The company's international operations are unaffected by the restructuring.

"Joerns is well-positioned to support the fast-moving trends in healthcare, which include transitioning patients from acute care to home settings as quickly and safely as possible," continued Johnson. "We remain a solidly profitable company and this restructuring plan will help us move forward more quickly in both our core business lines and in new areas of patient care."

Joerns Healthcare is the premier post-acute capital and service provider across the spectrum of patient care. It manufactures, supplies and services more than 120,000 items to more than 40,000 patients a day across 130 service locations.

For more information about the restructuring process call the Joerns hotline at +1 877-231-0611 (U.S.) or +1 503-597-7687 (international) or visit https://dm.epiq11.com/joerns.

About Joerns Healthcare

Joerns Healthcare is a leading manufacturer and national service provider of Patient Handling and Wound Care products to the healthcare continuum. It helps healthcare providers solve complex medical equipment challenges, improve patient and caregiver safety and speed patient healing with its renowned Purple Shirt service and efficient spend management. Headquartered in Charlotte, North Carolina with 1,700 employees throughout North America and Europe, Joerns Healthcare is committed to delivering solutions that improve the lives of patients and care providers.

For more information, visit www.Joerns.com.

SOURCE Joerns Healthcare