Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11

Adeptus Health Plan Confirmed, Effective

The U.S. Bankruptcy Court confirmed Adeptus Health's Third Amended Joint Plan of Reorganization. As previously reported, "This Plan shall constitute a settlement under Bankruptcy Rule 9019 and section 1123 of the Bankruptcy Code between the Eligible Holders and the Deerfield Parties in complete and final resolution of all claims such Eligible Holders may have against the Released Parties (the '9019 Settlement')….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. On the Effective Date, the Debtors are authorized to issue or cause to be issued and shall issue the New Equity Interests in the Designated Debtors for distribution in accordance with the terms of this Plan without the need for any further corporate or shareholder action. All other Debtors, including PubCo, shall be dissolved on the Effective Date." 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. Adeptus Health's Court-confirmed Plan subsequently became effective, and the Company emerged from Chapter 11 protection. This emergency room operator filed for Chapter 11 protection on April 19, 2017, listing $525 million in pre-petition assets.

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