Investing
KKR-backed Envision Healthcare files for bankruptcy
© Reuters. FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid
(Reuters) -KKR & Co Inc-backed Envision Healthcare Corp and its wholly owned subsidiaries filed for Chapter 11 bankruptcy protection on Monday.
The U.S. provider of physicians has estimated assets and liabilities in the range of $1 billion to $10 billion each, the company said in a court filing.
The company said that it entered into a restructuring support agreement for debt obligations of about $7.7 billion under which its unit AMSURG which manages ambulatory surgery centers and Envision Physician Services will be separately owned.
Envision’s AMSURG unit will buy surgery centers held by the company for $300 million plus a waiver of intercompany loans held by AMSURG, it said in a statement.
All of the company’s debt, with the exception of a revolving credit facility , will be cancelled, deleveraging about $5.6 billion, it added.
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