Daily News: April 20, 2017

Deerfield Provides $45MM DIP to Adeptus Health

Adeptus Health, ant operator of freestanding emergency rooms in the U.S., collaborated with Deerfield Management Company and certain of its other creditors on the terms of a comprehensive financial restructuring plan to reduce the outstanding debt under the company’s existing credit facility.

Adeptus filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to pursue a plan of reorganization.

Deerfield provided Adeptus with $45 million in debtor-in-possession financing, which is expected to support the company’s operations during the court-supervised restructuring process. Upon completion of the restructuring, it is also expected that Deerfield will provide the company with additional funding, operational support and healthcare expertise.

Through this restructuring, it is expected that ownership of the company will transition to Deerfield. Deerfield is a 23-year-old firm focused on advancing healthcare through investment, information and philanthropy with more than $8 billion in assets, and has been a long-term investor in Adeptus.

All of the company’s owned and joint-venture freestanding emergency rooms are continuing to operate as normal.