June 15, 2017 – Sullivan Hill represented the Official Committee of Unsecured Creditors in the Chapter 11 reorganization of Sotera Wireless Inc. (Sotera). The reorganization led to the company’s approved plan to exit bankruptcy with $30 million in new investments, $19.8 million of which will come from the Apple Inc. supplier Foxconn Technology Group. Other investors include Sanderling Ventures and Xiaoai Medical Technology Co.
Sotera, which makes Visi Mobile System health monitoring devices, was cleared to exit bankruptcy despite protest from a competitor that filed a lawsuit against Sotera in 2013. Sotera filed for bankruptcy in the fall of 2016 due to the cost of the lawsuit and lack of funding for expansion.
Sotera was founded in 2002 as Triage Data Networks Inc. It creates health surveillance devices that are used in more than 45 hospitals in the United States, Australia, Taiwan, Singapore and Saudi Arabia that continuously monitor patients’ vital signs and wirelessly transmit the data to electronic health records systems.