Envision Healthcare and AmSurg chapter 11 restructuring
We are advising the administrative and collateral agent in connection with AmSurg’s restructuring
Davis Polk is advising the administrative agent and collateral agent under a first-out secured revolving credit facility among AmSurg, LLC, the administrative agent and collateral agent and other parties in connection with the chapter 11 restructuring of AmSurg and Envision Healthcare Corporation, its corporate parent, as well as certain other affiliates and subsidiaries (collectively, “Envision Healthcare”).
On May 15, 2023, AmSurg filed a voluntary chapter 11 petition in the United States Bankruptcy Court for the Southern District of Texas. Davis Polk helped negotiate the terms of a consensual cash collateral order providing for AmSurg’s use of cash collateral in exchange for adequate protection for the revolving lenders that included current interest payments at the default rate and other customary adequate protection. The Court approved AmSurg’s access to cash collateral on an interim basis during the “first-day” hearing on May 15, 2023.
AmSurg develops, manages and holds ownership interests in ambulatory surgery centers (ASCs) in partnership with physicians, healthcare companies and health system partners. AmSurg manages a network of more than 250 ASCs across the country, working with approximately 4,400 physicians to perform more than 25 million procedures over the last three decades.
The Davis Polk restructuring team includes partner Brian M. Resnick and associates Michael Pera, Stephen Ford and Ben Weissler. The finance team includes partners James A. Florack and David Hahn and associates Bernard Tsepelman and Bryan Mendiola. The litigation team includes partner Elliot Moskowitz. All members of the Davis Polk team are based in the New York office.