Mon, Dec 11, 2023
AirMed Provider Sees Chapter 11 Exit by 2024
Air Methods Corporation, the self-styled "leading air medical service provider in the U.S.", announced court approval for the firm's restructuring plans.
The U.S. Bankruptcy Court for the Southern District of Texas confirmed the Company’s prepackaged Plan of Reorganization, which will supposedly be complete in no time at all. Air Methods even believes they will emerge from Chapter 11 "before the end of the year". The plan was unanimously approved by both voting classes, prepetition unsecured noteholders and secured lenders alike. The process is hoped to reduce Air Methods' total debt by almost $1.7 billion in all, and allow it sufficient health to survive the process with enough liquidity to support the company into the future. The company will be augmented by the investment of $185 million of new capitol.
“We look forward to moving ahead with a substantially stronger balance sheet and additional financial flexibility as we continue providing industry-leading air medical service to our healthcare partners, communities, customers and patients,” said Chief Executive Officer JaeLynn Williams. “With an optimal capital structure, Air Methods will be even better positioned to continue investing in our business and executing on our growth initiatives – including opening new greenfield bases, growing our frontline team and going in-network with additional commercial insurers – for the benefit of those we serve.”
“We appreciate the support of our key financial stakeholders, which has enabled us to reach this milestone on an expedited basis,” said Williams. “We also are grateful to our teammates for their unwavering commitment to safely delivering outstanding patient care, and we thank our partners for their ongoing support of Air Methods and our key role in the nation’s healthcare infrastructure.”
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