Carestream Health announces that it has successfully completed its recapitalization process and emerged from Chapter 11. Through this expedited process, Carestream has eliminated approximately $470 million in debt and significantly strengthened the Company’s balance sheet. As previously announced and concurrent with the emergence, certain of Carestream’s existing lenders have become the new owners of the Company.
As a global leader in medical imaging and non-destructive testing, Carestream is well positioned to grow in a dynamic environment by capturing opportunities in new and existing markets around the world.
“Today marks an important turning point for our Company as we continue our pivot toward implementing a growth strategy to drive value for all our stakeholders,” said David C. Westgate, Chairman, President and CEO of Carestream. “With our strong market position and global operations, we are moving forward with a fortified capital structure and a talented team poised to capitalize on new market opportunities while continuing to meet the evolving needs of our customers. As we charge ahead, we will continue to apply an unwavering commitment to provide high-value technology, products and services to help our customers be successful.”
Mr. Westgate continued, “I would like to express my gratitude to our customers and partners for their ongoing support, and to our employees for their continued dedication to serving our customers. The overwhelming support of Carestream’s new owners and their confidence in Carestream’s future is a testament to the strength of our business and the solutions we provide. We look forward to working with our new owners as we continue to drive improved profitability and build on our long history of quality and industry leadership.”
[Source(s): Carestream Health, Business Wire]
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