Novi, Michigan, September 7, 2025
News Summary
Supply Line International Medical LLC has entered receivership following a lawsuit from three banks for unpaid loans totaling $23 million. The company, which specializes in medical supplies, faces severe financial difficulties and legal pressure from JPMorgan Chase, Oxford Bank, and Comerica Bank. Company president Joshua Kaplan is included in the lawsuits as the business struggles to maintain operations, especially with an upcoming creditors’ meeting. The future of SLI Medical and its assets remains uncertain during this challenging period.
Novi, Michigan – Supply Line International Medical LLC (SLI Medical) and three related entities have entered receivership following a significant lawsuit filed by three banks for a total of $23 million in unpaid loans. The legal actions have placed SLI Medical, which specializes in medical supplies such as syringes, gloves, and COVID-19 tests, in a precarious financial position.
The banks involved in the lawsuits include JPMorgan Chase, Oxford Bank, and Comerica Bank. Each bank has accused SLI Medical of defaulting on various financial agreements, alongside accumulating substantial unpaid corporate credit card debts. SLI Medical was established in 2013 as a follow-up to SLI Automotive, which sold aftermarket auto parts.
The operational status of both SLI Medical and its predecessor, SLI Automotive, is currently uncertain, especially as SLI Medical’s website appears to be defunct. Company president and co-founder, Joshua Kaplan, who gained recognition for his entrepreneurial work by appearing on the television show Shark Tank in 2015, is a defendant in the lawsuits due to his leadership role.
SLI Medical reportedly transformed from a $50,000 loan in its early stages to achieving annual revenues of $100 million by 2022. However, a series of financial troubles have eroded this success. A judge approved an auction sale of Kaplan’s property on August 22, 2023, but this process was halted when Kaplan filed for personal Chapter 7 bankruptcy on the same day.
According to the bankruptcy filing, Kaplan has listed assets between $500,000 and $1 million against liabilities in a range from $10 million to $50 million. A meeting for creditors is scheduled for September 24, 2023, to discuss the implications of these financial difficulties.
Details of the Loans and Lawsuits
The lawsuit saga began when Oxford Bank filed the first action in May 2023, claiming breaches of three loans totaling nearly $10 million and a guaranty worth $7 million. The agreement included a mortgage executed in 2020 for properties located at 24301 Karim Boulevard and 42350 Grand River Ave. Following the default, Oxford Bank asserted the right to foreclose on the properties, which were later placed into receivership.
Comerica Bank entered the legal fray with a lawsuit on June 13, claiming non-payment on a credit agreement amounting to $8 million and overdue corporate credit card fees. A ruling on August 14 favored Comerica, confirming a breach of guaranty and awarding the bank $7 million plus interest.
Meanwhile, JPMorgan Chase filed its case on August 12, alleging breach of contract and seeking $6.5 million due at loan maturity. SLI Medical had previously entered into a Pledge and Security agreement with Chase regarding its personal property and other assets to secure the loan.
Future Outlook
The outcome of the legal proceedings, along with Kaplan’s bankruptcy status, casts uncertainty on the future of SLI Medical and its assets. Stakeholders in the medical supply sector are keeping a close watch as the situation develops, with some expressing concern over the potential impacts on supply chains, especially in light of the ongoing pandemic recovery efforts.
Key Figures
| Category | Amount |
|---|---|
| Total Loans | $23 million |
| Kaplan’s Assets | $500,000 – $1 million |
| Kaplan’s Liabilities | $10 million – $50 million |
| Annual Revenue (2022) | $100 million |
FAQ
What led to the receivership of SLI Medical?
SLI Medical entered receivership due to a lawsuit from three banks totaling $23 million for unpaid loans.
What products does SLI Medical supply?
SLI Medical specializes in medical supplies such as syringes, gloves, and COVID-19 tests.
When is the creditors’ meeting scheduled?
The creditors’ meeting is scheduled for September 24, 2023.
Deeper Dive: News & Info About This Topic
HERE Resources
Additional Resources
- Crain’s Detroit: Supply Line International Medical LLC in Receivership
- Detroit Free Press: Lafontaine Hyundai License Suspended
- Hometown Life: Milford Driver Pleads in Fatal Crash
- Bloomberg: Carvana Files Lawsuit in Michigan
- WXYZ: Lawsuit Over Racist Behavior at Novi Collision Shop
- Wikipedia: Receivership
- Google Search: Medical Supply Industry
- Google Scholar: Bankruptcy Law
- Encyclopedia Britannica: Financial Liability
- Google News: Medical Supply Receivership
Author: STAFF HERE NOVI WRITER
The NOVI STAFF WRITER represents the experienced team at HERENovi.com, your go-to source for actionable local news and information in Novi, Oakland County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Motor City Comic Con, Michigan State Fair, and Novi Home and Garden Show. Our coverage extends to key organizations like the Novi Chamber of Commerce and Novi Community Foundation, plus leading businesses in automotive, technology, and manufacturing that power the local economy such as Gentherm, Stoneridge, and Daifuku North America. As part of the broader HERE network, including HEREDetroitMI.com, HEREGrandRapids.com, HERENorthville.com, and HEREPlymouth.com, we provide comprehensive, credible insights into Michigan's dynamic landscape.
