Lowenstein Sandler’s Bankruptcy & Restructuring Department represented an ad hoc crossover group of convertible noteholders in the Chapter 11 cases of ProSomnus, Inc., et al.
On July 30, 2024, the U.S. Bankruptcy Court for the District of Delaware confirmed the Debtors’ Plan of Reorganization, under which the ad hoc group will own a majority of the reorganized company. The Plan, which was confirmed in accordance with RSA milestones negotiated by the ad hoc group, deleverages the Debtors’ balance sheet, grants certain of the ad hoc group members with board designation rights, infuses the reorganized company with $9 million of equity exit financing, and positions the company for future success.
ProSomnus is the leading non-CPAP OSA therapy™ for the treatment of Obstructive Sleep Apnea, a serious medical disease affecting over 1 billion people worldwide, that is associated with comorbidities including heart failure, stroke, hypertension, morbid obesity, and type 2 diabetes.
The Lowenstein team includes David M. Posner, Gianfranco Finizio, Raquel Smith, and Alan J. Sun.
