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Parent UpHealth, Inc. and its Direct and Indirect Subsidiaries, Cloudbreak Health, LLC and TTC Healthcare, Inc., Have NOT Filed for Chapter 11 Protection and are Operating in the Normal Course of Business
Thrasys' Voluntary Reorganization Will Be Consolidated with the September 19, 2023 Chapter 11 Filing of UpHealth Holdings
DELRAY BEACH, Fla., Oct. 20, 2023 (GLOBE NEWSWIRE) -- UpHealth, Inc. ("UpHealth," the "Company") (NYSE:UPH), a global digital health company delivering technology platforms, infrastructure, and services to modernize care delivery and health management, today announced Thrasys, Inc. and its sole subsidiary Comprehensive Care Alliance LLC, which has no operations, (collectively, "Thrasys") filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the "Bankruptcy Court").
Thrasys is a subsidiary of UpHealth Holdings, Inc. ("Holdings"), the subsidiary of UpHealth that filed for Chapter 11 protection on September 19, 2023 in the Bankruptcy Court. Holdings' Chapter 11 filing followed the September 14, 2023 decision by a trial court in New York to grant summary judgment in favor of Needham & Company LLC ("the Needham decision") in a lawsuit unrelated to the Company's operations.
UpHealth (NYSE:UPH) and its direct and indirect subsidiaries, Cloudbreak Health, LLC and TTC Healthcare, Inc., respectively, have not filed for Chapter 11 protection and are operating in the normal course of business.
Martin Beck, Chief Executive Officer of UpHealth, stated, "As we continue to seek a fair resolution of the Needham decision, we determined that placing Thrasys into Chapter 11 is the best course of action to ensure its immediate cash needs are met. Thrasys remains committed to providing service to customers to continue to manage the health of their patients through Thrasys' comprehensive integrated care technology platform. As we work to restructure our financials and preserve stakeholder value, we continue to focus on our mission of enabling high quality, affordable and accessible healthcare for all."
The Company also announced that Behavioral Health Services, LLC, as well as the subsidiaries of Behavioral Health Services (collectively, "BHS"), filed for Chapter 11 protection. As previously disclosed, the Company discontinued operations of BHS earlier this year.
Holdings, Thrasys and BHS have filed a motion with the Bankruptcy Court seeking to jointly administer their Chapter 11 cases under the caption In re UpHealth Holdings, Inc., Case No. 23 11476. Holdings, Thrasys and BHS have filed a number of customary first day motions that, once approved, will allow these entities to continue to operate in the normal course of business without interruption to their customers, vendors and employees. The Company expects to receive Bankruptcy Court approval for these requests and intends to pay vendors in full for all goods received and services provided after the filing date.
DLA Piper is serving as legal counsel to UpHealth and its subsidiaries.
Posted In: UPH
