Carestream Successfully Completes Recapitalization to Strengthen Balance Sheet and Enhance Financial Flexibility

Moves Forward with Renewed Commitment to Investing in Innovation, High-Value Technology and Customer-Focused Solutions

ROCHESTER, N.Y., September 30, 2022 – Carestream Health (“Carestream” or the “Company”) today announced that it has successfully completed its recapitalization process and emerged from Chapter 11. Through this expedited process, Carestream has eliminated approximately $470 million in debt and significantly strengthened the Company’s balance sheet. As previously announced and concurrent with the emergence, certain of Carestream’s existing lenders have become the new owners of the Company.

As a global leader in medical imaging and non-destructive testing, Carestream is well positioned to grow in a dynamic environment by capturing opportunities in new and existing markets around the world.

“Today marks an important turning point for our Company as we continue our pivot toward implementing a growth strategy to drive value for all our stakeholders,” said David C. Westgate, Chairman, President and CEO of Carestream. “With our strong market position and global operations, we are moving forward with a fortified capital structure and a talented team poised to capitalize on new market opportunities while continuing to meet the evolving needs of our customers. As we charge ahead, we will continue to apply an unwavering commitment to provide high-value technology, products and services to help our customers be successful.”

Mr. Westgate continued, “I would like to express my gratitude to our customers and partners for their ongoing support, and to our employees for their continued dedication to serving our customers. The overwhelming support of Carestream’s new owners and their confidence in Carestream’s future is a testament to the strength of our business and the solutions we provide. We look forward to working with our new owners as we continue to drive improved profitability and build on our long history of quality and industry leadership.”


Kirkland & Ellis LLP is serving as the Company’s legal counsel, Houlihan Lokey Capital, Inc. is serving as its financial advisor, and AlixPartners, LLP is serving as its restructuring advisor.

Akin Gump Strauss Hauer & Feld LLP and GLC Advisors & Co., LCC are serving as legal counsel and financial advisor, respectively, to a group of the Company’s first lien and second lien lenders.

About Carestream Health

Carestream is a worldwide provider of medical imaging systems; X-ray imaging systems for non-destructive testing; and precision contract coating services for a wide range of industrial, medical, electronic and other applications—all backed by a global service and support network. For more information about the company’s broad portfolio of products, solutions and services, please contact your Carestream representative or call 1-888-777-2072 or visit

CARESTREAM is a trademark of Carestream Health.