Coverage, page 19

Zynex Files Chapter 11 After TRICARE Suspends Payments; Noteholders Take Full Equity in 94 Days

Zynex, a publicly traded Colorado medical device maker (ZYXI), filed chapter 11 Dec. 15, 2025 in S.D. Tex. after TRICARE suspended payments covering 20-25% of revenue. A $22.3M DIP from convertible noteholders backs a plan sponsor process with a $49.6M credit bid floor and Feb. 2026 deadlines.

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Zynex Files Chapter 11 After TRICARE Suspends Payments; Noteholders Take Full Equity in 94 Days