Adeptus Health granted approval to obtain $57 million in DIP financing

By Caroline Salls

Pittsburgh, June 6 – Adeptus Health Inc. received final court approval of a $57 million debtor-in-possession facility, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Northern District of Texas.

The financing is being provided by Deerfield Management Co. and is expected to support Adeptus’ operations during its court-supervised restructuring process.

Interest will accrue at a rate of 10%.

The facility will mature on the earliest of 90 days after the bankruptcy filing, the effective date of a Chapter 11 plan, the conversion of the Chapter 11 cases, dismissal of the Chapter 11 cases if the order does not call for payment in full of the loan obligations and the date of any acceleration of the loans.

Upon completion of the restructuring, Deerfield is also expected to provide the company with additional funding, operational support and health care expertise.

Based in Lewisville, Texas, Adeptus maintains a network of freestanding emergency rooms and partnerships with health care providers. The company filed bankruptcy on April 19 under Chapter 11 case number 17-31432.

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