Rotech Healthcare announced that the U.S. Bankruptcy Court approved the company’s second amended Joint Plan of Reorganization, along with $358 million of exit financing commitments received from Wells Fargo and certain existing holders of the 10.5% senior second lien secured notes.

The reorganization plan was confirmed at a court hearing in Delaware and was supported by the statutory committee of unsecured creditors. Creditors entitled to vote overwhelmingly voted in favor of the reorganization plan.

At the time that the company filed its reorganization cases on April 8, 2013, the company said that it would reorganize its businesses and emerge from Chapter 11 within 90 to 150 days. The company said that it expects to close on its exit financing commitment and formally emerge from Chapter 11 next month.

“We said at the outset this would be a swift passage through the reorganization process and it has been,” said Steven P. Alsene, Rotech’s president and chief executive officer. “We have successfully completed an important milestone in the financial restructuring that positions Rotech to operate successfully in today’s very competitive environment.

Under the reorganization plan, the company’s existing common stock will be cancelled and substantially all of the new common stock of reorganized Rotech will be distributed to holders of the 10.5% senior second lien secured notes.

Proskauer Rose serves as the company’s legal advisor, Barclays as financial advisor and AlixPartners as restructuring advisor.

Rotech Healthcare is a provider of home medical equipment and related products and services in the United States, with a comprehensive offering of respiratory therapy and durable home medical equipment and related services.

Previously on abfjournal: Rotech Seeks Court Approval for $358MM in Exit Financing, July 23, 2013