Radiology provider Envision Healthcare has successfully exited from the bankruptcy process, the company announced.
The Nashville, TN-based multispecialty group first filed for Chapter 11 in May, seeking to retool its troubled capital structure. Five months later, the restructuring process is now complete, with Envision reducing its debts by more than 70%.
Under terms of the agreement, Envision’s ambulatory surgery center chain, AmSurg, is spinning off as a separate company with its own distinct leadership team. Both have new equity owners and an optimistic outlook, Radiology Business reports.
“Now that our financial restructuring has been completed successfully, we are driving Envision’s future growth from a position of stability and strength,” CEO Jim Rechtin, MBA, said in a Nov. 3 announcement. “We have significantly less debt as well as a strong operating model that will fuel the success of our patients and partners, achieve our strategic objectives, and accelerate our growth.” Read more.
