Exactech, an orthopedic medical device maker, has received court approval of its restructuring plan and sale of assets to new owners, including Strategic Value Partners, Stellex Capital Management and Greywolf Capital Management, according to a Sept. 17 company news release.
The transaction will transfer the company’s orthopedic portfolio to the new entity, led by incoming CEO Aurelio Sahagun.
Separately, the U.S. Bankruptcy Court in Delaware approved an $8 million settlement resolving federal False Claims Act allegations that Exactech marketed knee-replacement components it knew were prone to premature failure, according to a Sept. 16 Justice Department news release.
The company sold the devices to Medicare, Medicaid and the Department of Veterans Affairs between 2008 and 2022, according to the release.
The settlement, which resolves whistleblower suits in Maryland and Alabama, was based on Exactech’s financial condition. The claims were resolved without a determination of liability.
