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.
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.