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The court confirmed Potrero Medical’s Second Amended Subchapter V plan, authorizing the debtor and reorganized debtor to implement the restructuring, issue new common stock, complete the rights offering, and satisfy the DIP loan under the confirmed plan Confirmation Order. The order also ties discharge and plan injunction protections to the case-closing date, requires post-confirmation reporting, and provides for termination of the Subchapter V trustee’s service after substantial consummation and case closing.
The confirmed plan is an equity-led recapitalization of a med-tech debtor whose Accuryn platform business had been strained by hospital staffing, budget, and sales-access issues. Potrero Lender LLC, controlled by former board member Christopher Dewey, is the plan funder; the plan includes at least $7.5 million of exit equity funding, conversion of $2.5 million of postpetition debt into reorganized-company common stock, full payment or reinstatement of priority and general unsecured claims, cancellation of preferred equity with rights-offering participation opportunities, and no recovery for common stock Second Amended Subchapter V Plan. For creditors and equity holders, the case has moved from confirmation risk to execution risk around funding, stock issuance, claim treatment, and emergence mechanics.
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