Exactech Inc., a maker of joint-replacement implants owned by TPG Capital, has filed bankruptcy after being accused in more than a thousand lawsuits of making defective hip and knee implants that hurt patients.
The Florida-based company sought court protection Tuesday in Delaware listing assets and liabilities each of between $100 million and $500 million on its Chapter 11 petition.
Exactech, which was taken private by TPG in 2018, signed restructuring and asset purchase agreements with a group of existing lenders backing the Chapter 11 case, according to a statement. The lender group has agreed to serve as a stalking horse bidder, meaning the offer to acquire the business out of bankruptcy is subject to better bids should any…
