Akin Gump Advises Adeptus Health Creditors Through Chapter 11 Restructuring
(New York) – Adeptus Health Inc., the largest operator of freestanding emergency rooms in the United States, today announced it has successfully completed its financial restructuring and emerged from Chapter 11. In accordance with the plan of reorganization, reorganized Adeptus Health, formerly owned by the company is now owned by affiliates of Deerfield Management Company and is free of all long-term debt. Akin Gump represented the Official Committee of Unsecured Creditors of Adeptus Health in connection with the Chapter 11 cases.
Reorganized Adeptus is moving forward with 99 innovative, freestanding and fully equipped emergency rooms in seven markets that are staffed with board-certified physicians and emergency trained registered nurses and include state of the art diagnostic technology (CT Scanners, Ultrasound, and Digital X-ray) and on-site labs. Unsecured creditors will be paid from the proceeds to be generated from substantial litigation to be pursued by a litigation trust that was formed on the effective date of the Plan. $10 million of unsecured creditor recoveries are guaranteed by Deerfield entities (through payments to convenience class creditors or otherwise).
David Botter and Sarah Schultz, partners in Akin Gump’s financial restructuring practice, led the team advising the creditors’ committee. They were joined by Marty Brimmage, an Akin Gump litigation partner, with particular experience in bankruptcy and related litigation.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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