Exactech's Chapter 11 case and the sale of the business

analysisExactech hired Centerview as investment banker in July 2023 and Riveron in April 2024, whose Jesse York became chief restructuring officer, and added Young Conaway as co-counsel to Ropes & Gray. Independent directors M. Elizabeth Abrams, appointed in November 2023, and Timothy Pohl, appointed in July 2024, served on a special committee that, with White & Case, investigated past transactions between the sponsor and the company. After failing to pay about $6 million of interest due in August 2024, the company signed a restructuring support agreement with about 95% of its first-lien lenders on 28 October 2024, providing $85 million of new debtor-in-possession financing and a sale of the business to a lender vehicle. ^{1 2 3}

analysisOn 29 October 2024 Exactech, Osteon Holdings, Osteon Intermediate Holdings I and II and XpandOrtho filed for Chapter 11 in the District of Delaware; the cases were jointly administered under No. 24-12441 before Judge Laurie Selber Silverstein, with 25,001–50,000 creditors listed. The lender agreement also set deadlines for the Australian and UK subsidiaries, including resolving the Australian class action. ^{1 2 3}

analysisThe stalking-horse purchaser, EI Bidco, LLC, signed an asset purchase agreement on 29 October 2024 under which it would not assume product-liability, recall or False Claims Act liabilities; its notices go to Matthew Richards at a Singapore trust company, Watiga Trust, which GLAS acquired in December 2024. The court approved bidding procedures on 10 December 2024. Exactech and the lenders also sued the JointMedica parties, whose consent was needed to transfer Exactech's interest in the UK company JointMedica Limited. ^{1 2 3 4 5 6 7}

qualification

The records describe a corporate trust and agency provider used as a notice address; they do not identify who owns EI Bidco, LLC. The record does not state the percentage held by Exactech or who owns JointMedica Investment Holdings, L.P.; a shared representation in court does not by itself establish common ownership.

outcome

The plan was confirmed in September 2025 rather than on the March 2025 timetable. Dismissed with prejudice on a joint stipulation filed by the ad hoc lender group on 5 November 2025; the adversary case was closed the same day. The record does not show the terms.

analysisThe plan proposed in spring 2025 would have released TPG from liability, including personal-injury claims, for $10 million, an amount the debtors' special committee had found fair; the creditors' committee disputed that finding and put the full value of the personal-injury claims at probably more than $1 billion. On 20 May 2025 Judge Silverstein ruled that Exactech and TPG shared a common legal interest in defending the product claims but not alter-ego and veil-piercing claims, on which the court said they had always been adverse; at a hearing on 28 May Exactech's lawyers said the company was walking away from the effort to protect TPG. ^{1 2 3 4 5}

qualification

The amounts and the committee's estimate are as reported by the press; the special committee's report was not retrieved.

response

TPG told the national newspaper that it was 'categorically false' to allege that it had 'encouraged or engineered a bankruptcy filing to protect itself from liability'.

outcome

According to the confirmation order, the debtors moved on 7 May 2025 for approval of the settlement with the Sponsor, obtained on 28 May 2025 an adjournment of the confirmation hearing to negotiate with the creditors' committee, and withdrew that motion on 22 July 2025, when they filed the Fifth Amended Plan. The plan confirmed in September 2025 did not release TPG; the claims were transferred to the Settlement Trust.

analysisAfter several amended plans, the court confirmed the Fifth Amended Joint Plan on 17 September 2025. The confirmation approved the sale of the operations to a group of Strategic Value Partners, Stellex Capital Management and Greywolf Capital Management, created the Exactech Settlement Trust, with Ellen K. Reisman as trustee, to pay injury claims and pursue claims against TPG, and named Alan D. Halperin commercial unsecured-creditor trustee and wind-down officer. Parties appearing in the case included the founders, the Hospital for Special Surgery, the lenders, the Justice Department and the creditors' committee. ^{1 2 3 4 5}

outcome

The plan was confirmed on 17 September 2025. The notice of the plan's effective date was not retrieved, so the effective date is not stated from the record.

analysisBy October 2026 Matthew Dundon had replaced Halperin as trustee of the commercial unsecured creditors' trust and wind-down officer, and Exactech, Inc.'s 2026 Florida filing moved its address to White Plains, New York. ^{1 2 3 4 5}