Rotech Healthcare announced that it successfully completed its financial restructuring and has emerged from Chapter 11 protection. Proskauer Rose, serves as legal advisor, Barclays as financial advisor and AlixPartners as restructuring advisor.

As a result of this five-month restructuring process, Rotech substantially deleveraged its balance sheet, positioning Rotech to be a financially stronger enterprise. Rotech successfully reduced its outstanding debt by more than $300 million and reduced its annual cash interest expense from $60 million to less than $20 million.

“Today marks a new beginning for Rotech,” said Steven P. Alsene, Rotech’s president and chief executive officer. “With the financial restructuring behind us, we have the increased financial flexibility, which we believe will allow us to compete aggressively in today’s home medical equipment market. Our brief restructuring would not have been possible without the support of our lenders, creditors, suppliers, customers and especially our employees.”

Wachtell Lipton Rosen & Katz serves as legal advisor to each of the consenting noteholders holding second lien secured notes.

Rotech Healthcare is one of the largest providers of home medical equipment and related products and services in the United States, with a comprehensive offering of respiratory therapy and durable home medical equipment and related services.

Previously on abfjournal: Court Approves Rotech Plan of Reorganization, Exit Financing, August 30, 2013