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Adeptus Health Bankruptcy Plan Modified

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The U.S. Bankruptcy Court approved Adeptus Health’s motion for leave to modify the Company’s Second Amended Joint Plan of Reorganization and Disclosure Statement.

As previously reported, “The Debtors seek to modify the Plan in order to correct certain provisions to accurately reflect the intended description and treatment of the claims of Deerfield Management Company. The current language of the Plan inadvertently results in establishing the Deerfield Deficiency Claim in the amount of $63 million, $73.5 million less than intended. Specifically, the Debtors seek to make the following modifications to the Plan – the following definitions under section 1.1 are modified to state – Deerfield Secured Claims means the portions of the Deerfield Loan Claims that are Secured Claims, which shall be Allowed for all purposes under this Plan in an amount that is equal to $165 million less the amount of the DIP Facility Claim.”

In addition, “Litigation Trust Waterfall means the distributions from the Litigation Trust to the Litigation Trust Beneficiaries as follows: first, to pay the fees and expenses of the Litigation Trust, in full; second, to pay the Deerfield Trust Repayment Distributions, if any, in full; third, to pay $12 million to holders of Allowed General Unsecured Claims, except for Deerfield on account of the Deerfield Deficiency Claims, which amounts shall be subject to the Litigation Trust Waterfall Guarantee and Subrogation (the ‘Third Level Distributions’); fourth, to pay $15 million to Deerfield on account of the Deerfield Deficiency Claims; fifth, to pay $37.5 million as follows: 50% of such amount to holders of Allowed General Unsecured Claims, except for Deerfield on account of the Deerfield Deficiency Claims, and 50% to Deerfield on account of the Deerfield Deficiency Claims.”

Read more Adeptus Health bankruptcy news.

The post Adeptus Health Bankruptcy Plan Modified appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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