We advised Highbridge Capital, as an Invacare secured lender and noteholder, on the transaction

Davis Polk advised Highbridge Capital Management, LLC and certain of its managed investment funds (collectively, “Highbridge Capital”) in connection with the sale of Invacare Holdings S.à r.l. (collectively with certain of its affiliates, “Invacare”) to investment vehicles affiliated with Rhône Capital L.L.C. Invacare completed a chapter 11 restructuring in May 2023, with Highbridge Capital (the only prepetition secured lender) receiving new secured debt on account of its prepetition and DIP claims. At emergence and through closing of the Rhône transaction, Highbridge Capital was the sole lender under Invacare’s secured term loans and the majority holder of Invacare’s secured convertible notes. In July 2025, Invacare entered into a definitive agreement with Rhône to sell its European and Asian businesses. Following receipt of regulatory approvals and satisfaction of customary closing conditions, the transaction was closed on January 30, 2026. In connection with the transaction, Highbridge Capital’s debt investments in Invacare were fully repaid at closing, including the payment of various premiums and fees under the term loan and secured notes.

Invacare is a world-leading manufacturer and distributor of high-quality home healthcare and specialist mobility equipment and solutions benefitting millions of people around the world. Invacare Holdings S.à r.l. holds all Invacare EMEA and APAC businesses.

Rhône is a global private equity firm with a focus on investments in businesses with an international presence.

The Davis Polk restructuring team included partners Damian S. Schaible and Jonah A. Peppiatt and associate Moshe Melcer. The finance team included partner Kenneth J. Steinberg, counsel Bernard Tsepelman and associate Lauren Flint. The capital markets team included counsel David (Wei Fu) Li. Partner Cheryl Chan provided M&A advice. The antitrust and competition team included partner Matthew Yeowart and associate Andrzej O’Leary. Members of the Davis Polk team are based in the New York and London offices

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