No interruption to patient care accomplished through prepetition transition of hospital contracts
Successfully transformed emergency medicine, hospital medicine and critical care services in about 150 hospitals across the country
Brentwood, Tennessee, September 19, 2023–(Business Wire)–American Physician Partners, LLC (“American Physician Partners”, “APP”, or the “Company”), and certain of its affiliates, announced today that it voluntarily filed for Chapter 11 protection Is. U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the “Court”), to orderly complete its business affairs following the transition of its clinical operations.
APP’s management, advisors and Board are solely focused on minimizing disruption to its hospital and health system customers, patients, physicians, physicians and staff and maximizing value for its creditors and other stakeholders. Effective July 31, 2023, the company had transferred all of its clients to other strategic emergency medical companies or insourced with associated hospitals or health systems. Through the change, there was no disruption to patient care and APP satisfied or settled the Company’s significant obligations.
The APP filed for Chapter 11 after careful consideration and consultation with management, advisors and the Board. During this closing process, the Company’s priority has been to minimize disruption to APP’s valued hospital and health system partners and the communities they serve. APP’s management team has made extraordinary efforts to focus on patient care above all else, while dealing with financial challenges and difficult market conditions and advocating for the valuable team that serves its patients and supports physicians. APP expresses its deep gratitude to its dedicated physicians, practitioners, employees and partners who have been a part of the company’s journey.
APP is filing the customary “First Day Motion” with the Court to facilitate a smooth transition to Chapter 11 and intends to maintain its commitments to its continuing employees. The Company believes that these proposals will be approved soon, which include the request to continue paying salaries and honor benefits as usual.
The company is seeking court approval by agreeing to use cash collateral for its orderly liquidation during the Chapter 11 cases. The Company intends to seek confirmation of the plan of liquidation by the Court in order to carry on its business affairs in an orderly and efficient manner.
Additional Information
Court filings and additional information relating to the Company’s Chapter 11 matters are available on a separate website administered by the Company’s Claims, Notices and Solicitation Agent, Epic Corporate Restructuring, LLC. Stakeholders with questions may call the assistance hotline at 877-637- Are. If calling from outside the US or Canada, call 5041 or +1-503-917-3153 or email [email protected].
Pachulski Stang Ziehl & Jones LLP and Bass Berry & Sims PLC are serving as legal advisors and John DiDonato of Huron Consulting Group is serving as the company’s chief restructuring officer. The company has retained C Street Advisory Group, LLC to serve as strategy and communications advisor.
About American Physician Partners
Headquartered in Brentwood, Tennessee, American Physician Partners was founded in 2015 to provide hospitals and health care systems better options for their clinical outsourcing needs. Since its founding, the company has grown to more than 160 practice sites and has become a recognized leader in the provision of exceptional emergency medicine, hospice medicine and critical care management services in hospitals and health care systems across the country. APP earned its massive growth by staying true to its mission of supporting its providers and hospital partners in providing safe, compassionate and efficient care to every patient, every time.
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Contact
American Physician Partners Media Contact
C Street Advisory Group
[email protected]
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