October 7, 2022

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Carestream Announces Recapitalization to Reinforce Fiscal Basis and Posture the Enterprise for Very long-Term Good results

ROCHESTER, N.Y.–(Business WIRE)–Carestream Health and fitness (“Carestream” or the “Company”) currently declared that the Corporation has entered into a recapitalization agreement with lenders holding a lot more than 50.1% and 85.9% of its initially and second lien credit card debt, respectively. The recapitalization transaction will considerably bolster the Company’s balance sheet and position the business for ongoing results. Under the conditions of the arrangement, Carestream will remove approximately $220 million in credit card debt to assistance the continued execution of its approach.

“Over the previous couple of decades, we have effectively done our restructuring initiatives, achieved our value personal savings aims and ongoing to travel enhanced profitability throughout the organization while developing a lifestyle that motivates workers and supports the form of overall performance Carestream is able of offering,” said David C. Westgate, Chairman, President and CEO of Carestream. “With the guidance of our lenders, we are using this positive and strategic move ahead to recapitalize our equilibrium sheet and improve our versatility, as we navigate a dynamic market place and position the business for long-phrase results. We are enthusiastic about our upcoming prospects and continue being dedicated to providing high-top quality merchandise and expert services to our buyers and look ahead to supporting their requires for numerous a long time to occur.”

As portion of the transaction, Carestream’s loan providers are exchanging debt for the Company’s equity and will turn into the new homeowners of the Company.

Mr. Westgate ongoing, “Given the substantial aid we have presently received from a substantial greater part of our creditors, we are confident in our capacity to put into action the recapitalization settlement promptly and efficiently. We take pleasure in their support and feel this settlement highlights their self-confidence in our long run. We also thank our clients and companions for their continued aid, and our superb crew for their target and determination.”

Advisors

Kirkland & Ellis LLP is serving as the Company’s lawful counsel and Houlihan Lokey Cash, Inc. is serving as its money advisor.

Akin Gump Strauss Hauer & Feld LLP and GLC Advisors & Co. are serving as lawful counsel and fiscal advisor, respectively, to a crossover team of the Company’s 1st lien and 2nd lien secured loan companies.

About Carestream Health and fitness

Carestream is a all over the world service provider of healthcare imaging methods X-ray imaging programs for non-damaging tests and precision deal coating products and services for a large selection of industrial, health-related, electronic and other applications—all backed by a world-wide service and assist community. For far more information about the company’s broad portfolio of products, remedies and companies, you should speak to your Carestream agent or get in touch with 1-888-777-2072 or visit www.carestream.com.

CARESTREAM is a trademark of Carestream Wellness.