Vyaire Medical, Inc., a global ventilation and respiratory diagnostics products company headquartered in Mettawa, Illinois, filed for Chapter 11 protection on June 9, 2024 in the U.S. Bankruptcy Court for the District of Delaware (Case No. 24-11217-BLS) before Judge Brendan Linehan Shannon. The filing followed a post-pandemic demand drop-off in ventilation products that caused the company to lose more than 10% market share in the sub-acute ventilation segment between 2021 and 2022, compounded by high overhead costs, supply chain disruptions, below-plan performance that frustrated refinancing efforts, and a prior consumables business sale that failed to provide sufficient runway. The debtor obtained $180 million in DIP financing comprising $45 million of new money ($25 million interim, $20 million final) and a $135 million roll-up of prepetition first lien term loans, then marketed its two business units for sale. ZOLL Medical Corporation acquired the Ventilation Business Unit and Trudell Medical Limited acquired the Respiratory Diagnostics Business Unit—including MIM shares valued at approximately $30 million in a multi-step transaction—with sale orders entered September 4, 2024. The Second Amended Joint Plan of Liquidation was confirmed in November 2024, with the plan effective date and sales closings occurring the same month. David M. Barse serves as Plan Administrator overseeing the estate wind-down. Under the plan, first lien and second lien claims are impaired and receive pro rata distributable value, general unsecured claims are impaired, and equity interests and section 510(b) claims receive no distribution.