Vyaire Medical announced Vyaire Holding Company and certain of its subsidiaries (Vyaire) have filed for Chapter 11 protection in the United States in order to obtain sufficient financing to continue business operations while Vyaire markets its business units for a value-maximizing sale. This decision follows below-plan performance in the first half of the financial year, which frustrated efforts to refinance company debt.
“Chapter 11 protection will offer us the breathing room we need to explore selling our businesses to capable, well-financed buyers that have the financial ability and stability to execute on the Respiratory Diagnostics (RDx) and Ventilation business strategies delivering our vital products to customers and patients in need,” said John Bibb, Group Chief Executive Officer, Vyaire. “Our lenders continue to support our business, and we are working together to go through this process with as little disruption as possible to our customers and trusted partners.”
Vyaire remains open for business and, upon court approval, will have post-petition financing in hand to continue operations while in Chapter 11. In the coming months, the company will focus on:
- Supporting the continuity of services to customers and honoring commitments to partners and employees, while complying with the terms of the US Bankruptcy Code.
- Selling Vyaire business units to stable, well-capitalized buyers that will support the growth and development of our RDx and Ventilation portfolios.
The Chapter 11 filing only applies to Vyaire operations in the US and one non-operational international holding company.
