Freestanding emergency room operator giant Adeptus Health has successfully completed a massive financial restructuring and officially emerged from chapter 11 bankruptcy. The company will now be known as Adeptus and is free of all long-term debt. They have been acquired by affiliates of healthcare investment firm Deerfield Management, the firm said.
As a result of the restructuring, Adeptus will continue to operate 99 fully equipped emergency rooms in seven markets. The freestanding ERs, for which the company is known, staff board-certified physicians and emergency-trained registered nurses. They come equipped with diagnostic technology like CT Scanners, Ultrasound, and Digital X-ray, as well as on-site labs.
[Also: Bankrupt Adeptus Health to issue patient refunds to avoid consumer backlash]
"Reorganized Adeptus will continue to focus on delivering an excellent patient experience, fostering a well-supported work environment and engaging collaboratively with its hospital partners to improve local healthcare communities," Adeptus Health said in a statement.
Adeptus Health Inc. is no longer a publicly held company, and all shares of its Class A common stock have been cancelled and are no longer trading on the stock market.
Right after emerging from bankruptcy, Adeptus Health's CFO Frank Williams was named CEO at the reorganized Adeptus. Adeptus also appointed as their new executive chairman Adeptus Health's chairman and interim CEO Gregory Scott.
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