Steel Partners cuts stake in Rotech

By Lisa Kerner

Charlotte, N.C., April 9 - Rotech Healthcare Inc. investors led by Steel Partners II, LP decreased their ownership interest in the company to 11.8% from 14.9% with the sale of 781,640 shares of the company's stock.

The shares were sold between March 27 and April 7 priced from $0.26 to $0.40 per share, according to a schedule 13D filing with the Securities and Exchange Commission.

The investors beneficially own roughly 3 million shares of Rotech's outstanding stock, which were purchased for about $2.37 million using partnership funds.

Rotech is an Orlando, Fla.-based provider of home medical equipment and related products and services.

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