New York City-based hedge fund Deerfield Management has purchased Lewisville, Texas-based Adeptus Health's outstanding debt and expects to provide additional financing and operational support to the struggling freestanding ER operator during its anticipated Chapter 11 bankruptcy case.
With the ultimate goal of obtaining control of Adeptus, Deerfield acquired the company's outstanding bank debt of $212.7 million and agreed to provide further short-term capital and extend debtor-in-possession financing throughout the bankruptcy process, which provides for a court-supervised restructuring, according to a recent Securities and Exchange Commission filing.
Deerfield also agreed to provide pre-bankruptcy payments to Medical Properties Trust, a Birmingham, Ala.-based real estate investment trust that owns facilities that Adeptus leases.
Medical Properties Trust said Tuesday that Adeptus' freestanding emergency rooms in Louisiana have been re-leased to Ochsner Clinic Foundation in New Orleans and several Adeptus facilities in Texas will be sold or re-leased to new operators by the fourth quarter of 2018.
Adeptus, the largest operator of freestanding emergency rooms in the U.S., told The Dallas Morning News that business will continue as normal throughout the restructuring process.
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