Bondholders of KKR’s Envision Healthcare have hired law firm White & Case as the physician staffing company faces a looming payment deadline, The Wall Street Journal reports.
Envision, which contracts with hospitals to provide them with medical professionals, has struggled since the pandemic.
Moody’s Investors Service in September issued a corporate credit rating downgrade to Envision, assigning the physician staffing service and ambulatory surgery center operator its lowest possible junk rating and warning that a bankruptcy or major restructuring would likely be on the horizon.
The bond credit rating agency wrote that Envision will see weak liquidity over the next 12 to 18 months and is forecast to deplete its $1.4 billion cash reserve by the end of this year. Read more.
