Air Methods, a provider of air medical services in the U.S., emerged from Chapter 11 bankruptcy with significantly reduced debt and increased liquidity. Air Methods will continue to provider services through its fleet of 365 medical helicopters and fixed-wing aircraft, operating from 275 bases and serving 47 states.

“Today marks an important inflection point for Air Methods in our transformation journey as we enter our next stage focused on investing in the business and executing on our growth initiatives for the benefit of our healthcare partners, communities, customers and patients,” JaeLynn Williams, CEO of Air Methods, said. “With a stronger balance sheet and additional financial resources, we remain focused on serving our contractual partners, opening new greenfield bases, optimizing our field operations, expanding our frontline team and going in-network with commercial insurers. We are well-positioned for long-term success and excited about the opportunities ahead.”

As a result of the restructuring process, Air Methods reduced its total debt by approximately $1.7 billion. Ownership of the business transitioned to the company’s lenders and noteholders upon emergence, as contemplated by the prepackaged plan of reorganization, and certain of the new owners are investing approximately $185 million of new capital in the company.

“We thank our teammates for their steadfast commitment to putting our mission to deliver lifesaving care into action every day,” Williams said. “We also appreciate the strong support from our financial stakeholders, who share our confidence in Air Methods’ future.”

Weil, Gotshal & Manges served as legal advisor, Lazard served as financial advisor and Alvarez & Marsal served as restructuring advisor to Air Methods.

David Polk & Wardwell is serving as legal advisor and Evercore Group is serving as financial advisor to the ad hoc group of lenders.