NEW YORK -Envision Healthcare, a provider of outsourced emergency department services to hospitals that is backed by private equity firm KKR, received U.S. bankruptcy court approval on Wednesday to split into two companies and cut over $7 billion in debt.
U.S. Bankruptcy Judge Christopher Lopez approved Envision's restructuring at a court hearing in Houston. Lopez commended Envision's bankruptcy lawyers for putting together an"incredibly complex" financial transaction while minimizing disruption to patients needing emergency care and the more than 20,000 doctors employed by Envision.The bankruptcy restructuring will split Envision Healthcare into two separate companies, Envision Physician Services and AMSURG.
EVPS will focus on providing doctors to hospital emergency rooms, intensive care units and birthing suites, while AMSURG will operate outpatient surgery centers specializing in gastroenterology, ophthalmology and orthopedic care. KKR, which acquired the company in a 2018 buyout valued at $10 billion, will lose ownership when the restructuring is complete. AMSURG and EVPS will then be owned by different groups of lenders that provided separate pre-bankruptcy loans to the two businesses. Asset managers Blackstone will also be removed; self-promotional material or business-related solicitations or PR , and/or any other comment that contains personal contact specifcs or advertising will be removed as well.
{username} Just Now Share Follow this postUnfollow this post Save Saved. See Saved Items . This comment has already been saved in your Saved Items Author's response{commentContent} Reply 00 Report {username} Just NowAuthor's response Share Follow this postUnfollow this post Save Saved. See Saved Items .
Health Health Latest News, Health Health Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »
Source: MarketWatch - 🏆 3. / 97 Read more »