Becker's Healthcare October 30, 2024
Exactech, a Gainesville, Fla.-based medical device maker, filed for Chapter 11 bankruptcy on Oct. 29 and has entered a restructuring agreement to sell its assets to a group of existing investors.
The move comes as the company faces more than 2,000 state and federal patient lawsuits over its knee, hip and shoulder implants that were voluntarily recalled in 2021 and 2022.
Four notes:
- Bankruptcy proceedings are moving through the District Court of Delaware. In a statement, Exactech said it has reached a sale agreement with its lenders, which will provide $85 million in additional financing to fund company operations through the restructuring process.
- The move pauses lawsuits from thousands of patients who are seeking damages related...
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Topics: Medical Devices