On June 9, 2024, Vyaire Medical Inc. and certain of its subsidiaries filed for voluntary Chapter 11 bankruptcy protection. We lowered our issuer credit rating on the company to 'D' from 'CCC'. At the same time, we lowered our issue-level rating on the company's first-lien term loan to 'D' from 'CCC'. The agreement contemplates selling its Respiratory Diagnostics and Ventilation businesses with proceeds to be distributed pursuant to the debtor-in-possession (DIP) orders and RSA. During the sale process, Vyaire will maintain operational continuity and has obtained commitments for $180 million of DIP financing, consisting of a $45 million new money super-priority term loan (with $25 million available on an interim basis) and a $135 million super-priority term loan from the
