Invacare (NYSE:IVC) introduced at present that it consummated a further draw of $5.5 million in time period loans beneath a credit score settlement.

The maker of wheelchairs, mobility scootera and extra took the extra draw beneath its credit score settlement, with funds managed by Highbridge Capital Administration managed the funds. It came about on Dec. 23, 2022.

Elyria, Ohio-based Invacare intends to make use of the proceeds for normal company functions, in keeping with a information launch. Invacare additionally stated a further $14 million in liquidity stays accessible beneath its credit score settlement with Highbridge. That quantity stays topic to satisfaction of sure situations set forth beneath the settlement.

“As guided within the 3Q22 earnings launch, Europe achieved sequential development in revenues and profitability pushed by improved provide chain circumstances giving us confidence that our transformation program is reaping rewards,” stated Invacare President and CEO Geoff Purtill. “As we speak’s announcement supplies us with larger flexibility as we execute in opposition to our acknowledged technique. We’re happy that Highbridge continues to help the corporate because it strikes by means of its deliberate transformation.”

Purtill took over as interim president and CEO in August after Invacare fired then-CEO Matthew Monaghan. On the time, Invacare stated it deliberate to execute a search to determine and appoint a everlasting CEO.

All this came about amid restructuring efforts by Invacare. In March, the corporate introduced strategic actions round organizational restructuring and provide chain adjustments in 2022. It projected decrease revenues for the yr in consequence.

In September, Invacare obtained discover from the New York Inventory Trade (NYSE) that it isn’t in compliance with sure guidelines. The typical closing worth of the corporate’s widespread shares got here in beneath $1 per share over a consecutive 30-day buying and selling interval. Shares of IVC at present sit at 44¢ apiece. The corporate could contemplate options to regain compliance, together with a reverse inventory break up.