Hedge fund takes over Adeptus Health

Lewisville, Texas-based Adeptus Health, the largest operator of freestanding emergency rooms in the U.S., has emerged from Chapter 11 bankruptcy and has been acquired by New York City-based hedge fund Deerfield Management.

"Deerfield is excited to join with the Adeptus team in its mission to provide the highest quality medical care both in the communities currently served and those we will endeavor to serve in the future," said Alex Karnal, partner and portfolio manager at Deerfield Management. "The Adeptus team has proven its resiliency, creativity, and close connection through this difficult time, and I am excited for them to get back to what they do best, caring for patients."

Adeptus filed for Chapter 11 bankruptcy protection on April 19. At that time, the company's financial resources were strained by expenditures associated with expanding its footprint.

Immediately following the company's emergence from bankruptcy, CFO Frank Williams was appointed CEO of the reorganized Adeptus.

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