A Texas bankruptcy court has issued an order, on an interim basis, approving Lewisville, Texas-based Adeptus Health's request to obtain post-petition financing, according to BankruptcyData.
Adeptus, the largest operator of freestanding emergency rooms in the U.S, filed for Chapter 11 bankruptcy protection April 19. Adeptus is collaborating with New York City-based hedge fund Deerfield Management on a restructuring plan, which is expected to significantly reduce Adeptus' outstanding debt. Through the restructuring process, Adeptus said it is expected that ownership of the company will transition to Deerfield.
Deerfield, which has been a long-term investor in Adeptus, has committed to providing Adeptus with $45 million in post-petition financing. The order issued by the bankruptcy court last week allows Adeptus to receive an aggregate amount of up to $22 million in interim post-petition financing, according to BankruptcyData.
The interim order is the first of two steps required for authorization to obtain post-petition financing. The second step will be the entry of a final financing order authorizing Adeptus to borrow the remaining $23 million of Deerfield's $45 million commitment. The bankruptcy court set a final hearing for May 16, according to BankruptcyData.
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