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COLUMBUS, Ohio – Kam Yuricich, who was crowned the 2023 Van Miller Homecare Champion at Medtrade in March, credits relationship building for the successes

The Elyria-based manufacturer's restructuring plan, approved by the courts at the end of April, took effect Friday, May 5. The company is looking to move forward with $240 million trimmed from its debt, a revamped board of directors, and capital to invest in becoming a more effective and competitive business.

The company, which has long struggled with profitability, is looking to emerge from bankruptcy later this spring with a refreshed approach to growth. But its path to viability is certainly not guaranteed.

The Elyria-based medical equipment manufacturer received a notice about noncompliance with New York Stock Exchange rules because its stock has been trading at a per-share price of less than $1 for 30 consecutive days. The company is looking at ways to remedy this among broader efforts to improve the business.

Once a powerhouse in its field, the Elyria-based maker of medical equipment including wheelchairs, lift beds and other products is making sales but losing money. Some new investors, led by a firm called Azurite Management, are taking an activist role in the company as they attempt to restore it to profitability.