Case filing & court posture: Zynex, Inc. and six affiliates filed for chapter 11 protection on December 15, 2025 in the U.S. Bankruptcy Court for the Southern District of Texas (Case No. 25-90810). Dkt. 1 The case is jointly administered before Judge Alfredo R. Perez. Dkt. 20
Liquidity & financing path: The Debtors obtained a $22.3 million DIP financing facility from an Ad Hoc Group of Convertible Noteholders and CEO Steven Dyson, with an interim order entered on December 16, 2025 Dkt. 41 and a final order entered on January 23, 2026. Dkt. 204 The filing followed a liquidity crisis triggered by TRICARE’s March 2025 payment suspension pending a billing-practices investigation.
Restructuring path: The Debtors filed a Combined Disclosure Statement and Joint Plan of Reorganization on January 14, 2026 Dkt. 175 and a bidding procedures order was entered on January 22, 2026 to solicit competing bids against the Stalking Horse Bidder’s credit bid. Dkt. 202 No qualifying competing bids were received by the February 9, 2026 deadline, and the auction was cancelled; the Stalking Horse Bidder was designated as the Successful Bidder and Plan Sponsor.
Plan status: A Third Amended Plan was filed on February 7, 2026. Dkt. 263 The combined hearing on disclosure statement adequacy and plan confirmation is scheduled for March 19, 2026 at 9:00 a.m. CT, with a voting deadline of March 12, 2026. Dkt. 239
Current status: The case is pre-confirmation. Plan solicitation is underway and the Stalking Horse Bidder has been designated as the sole Plan Sponsor following the cancelled auction. Dkt. 272
