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Adeptus Health Bankruptcy Reorganization Plan Effective

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Adeptus Health’s Third Amended Joint Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The Court confirmed the Plan on September 29, 2017.

As previously reported, “On the Effective Date, the duties and responsibilities of the Patient Care Ombudsman shall be terminated, and the Patient Care Ombudsman shall be discharged from his duties under section 333 of the Bankruptcy Code and shall not be required to file any further reports or perform any additional duties….The Reorganized Debtors will be capitalized by the Deerfield Parties through equity investments or, if determined by the Deerfield Parties in their sole discretion, debt investments.”

Upon effectiveness of the Plan, reorganized Adeptus Health will no longer be a publicly-held company: all shares of its Class A common stock will be cancelled.

Gregory W. Scott, chairman and interim C.E.O. of Adeptus Health, comments, “Adeptus is beginning its next chapter well positioned for success with increased financial flexibility and a strong partner in Deerfield to ensure that the Company continues offering patients the highest-quality care and supporting our employees, affiliated physicians and partners. We are committed to our mission of improving access to emergency care in the communities we serve and look forward to working closely with Deerfield to capture the opportunities ahead for our business.”

This emergency room operator filed for Chapter 11 protection on April 19, 2017, listing $525 million in pre-petition assets.

Read more Adeptus Health bankruptcy news.

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


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