The company, which plans to liquidate, has $1.3 million in assets and nearly $257 million in liabilities owed to lenders, investors, vendors and employees, according to court filings.
. Healthcare is one of three industries, along with retail and real estate, that have seen a significant increase in bankruptcy filings this year, says Rob Lemons, a partner at Goodwin who specializes in financial restructuring law and is not involved in Health IQ’s bankruptcy. “High interest rates and limits on borrowing availability is huge,” he says. And it won’t be abating anytime soon.
Given how few assets Health IQ has, it’s likely some of the other secured creditors may end up with nothing, says Lemons. According to the filings, the first priority creditor is DASIR LLC, which is owed $6.5 million, but the value of collateral is listed as “undetermined.” The second priority lender TriplePoint Venture Growth is owed $50 million, but the value of collateral is listed as $0.
The U.S. Securities and Exchange Commission appears in a filing titled “list of creditors” on the court docket; however, none of the other filings specify an amount or explain why the agency is on the list. An SEC spokesperson declined to comment. In an email to Forbes, Suri wrote that “the SEC is not a creditor of Hi.Q” and was identified because the local rules of the bankruptcy court require the agency “get notice of certain filings.
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