KKR-backed Envision Healthcare files for bankruptcy By Reuters

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KKR-backed Envision Healthcare files for bankruptcy

Published May 15, 2023 04:34AM ET Updated May 15, 2023 08:10AM ET

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KKR-backed Envision Healthcare files for bankruptcy

(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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Comments (1)

Check Mate May 15, 2023 6:21AM ET

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87,000 New IRS Agents coming after your questionable $50.00 lunch deduction. Steal $5.6 BILLION, AOK, greenlighted by bankruptcy court, sanctioned by IRS under their 11 & 7 policies. "Kravis: Too Big to Lockup."

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