CHARLOTTE, N.C. (July 3, 2019)--Joerns WoundCo. Holdings, Inc., doing business as Joerns Healthcare, has filed for Chapter 11 bankruptcy.
The company, which makes the Hoyer Lift and other home medical equipment including bed frames, specialty mattresses, therapeutic support surfaces and bariatric equipment, 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 ... 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 CEO 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."
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.
"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," Johnson said. "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 manufactures, supplies and services more than 120,000 items to more than 40,000 patients a day across 130 service locations.
