Epiq helps Adeptus successfully navigate the complexities of its health care restructuring
- Healthcare \ Pharma
In April 2017, Adeptus Health Inc. (“Adeptus”) and 140 affiliated companies filed for chapter 11 protection in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division. At the time of filing, Adeptus was the nation’s largest operator of freestanding emergency rooms, serving over 400,000 patients annually. The Debtors’ obligations under its prepetition credit agreement totaled approximately $228.0 million.
- Assisted Adeptus in preparing Statements of Financial Affairs and Schedules of Assets and Liabilities for each of the 140 debtor entities, and in complying with administrative obligations of chapter 11. Epiq offered guidance and effective procedures necessary to effectively navigate the multijurisdictional regulations and special health care related considerations presented in this case.
- Utilized proprietary HIPAA compliant intake methods following the provisions of HITECH. Sensitive patient information was reviewed and redacted from all claim images and Epiq quality-checked every document that entered the public domain. Our HIPAA certification and compliance ensured that other case professionals could avoid handling sensitive patient information and avoid potential associated liabilities.
- Provided notice to 150,000 notice parties, including 100,000 patients.
- Set up a database for the client to track thousands of contracts.
Although Adeptus was poised for a speedy plan of reorganization backed by the majority holder of its secured debt, objections by a group of equity holders prolonged the case. Epiq conducted solicitation for a “9019” opt-out process whereby equity holders received interest in a litigation trust to be established pursuant to an amended plan of reorganization.
Epiq was subsequently hired as claims and noticing agent by the Adeptus Litigation Trust.Learn more about our Corporate Restructuring experience