BRENTWOOD, Tenn.--(BUSINESS WIRE)--American Physician Partners, LLC (“American Physician Partners”, “APP”, or “the Company”), and certain of its affiliates, today announced that it has voluntarily filed for Chapter 11 protection under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the “Court”) to complete the orderly wind down of its business affairs following the transition of its clinical operations.
APP’s management, advisors, and board have been fully focused on minimizing disruption for its hospital and health system clients, patients, physicians, clinicians, and employees while maximizing value for its creditors and other stakeholders. Effective July 31, 2023, the Company had transitioned all its clients to other strategic emergency medicine companies or insourced with the respective hospitals or health systems. Through the transition, there was no interruption to patient care and APP satisfied or arranged for the satisfaction of significant obligations of the Company.
APP filed for Chapter 11 after careful consideration and in consultation with management, advisors, and the Board. Throughout this wind down process, the Company’s priority has been to minimize disruption for APP’s valued hospital and health system partners and the communities they serve. APP’s management team has made an extraordinary effort to focus on patient care above all else and advocate for the valued team serving its patients and supporting clinicians, while navigating financial challenges and difficult market conditions. APP extends its deepest gratitude to its dedicated physicians, clinicians, employees, and partners who have been part of the Company’s journey.
APP is filing customary “First Day Motions” with the Court to facilitate a smooth transition into Chapter 11 and intends to uphold its commitments to its continuing employees. These motions, which the Company believes will be approved in short order, include requests to continue to pay wages and honor benefits in the ordinary course.
The Company is seeking Court approval to consensually use cash collateral to fund its orderly wind down during the Chapter 11 cases. The Company intends to seek confirmation of a Plan of Liquidation by the Court to complete an orderly and efficient wind down of its business affairs.
Court filings and additional information related to the Company’s Chapter 11 cases are available on a separate website administrated by the Company’s claims, noticing, and solicitation agent, Epiq Corporate Restructuring, LLC, at https://dm.epiq11.com/AmericanPhysicianPartners. Stakeholders with questions may call the support hotline at 877-637-5041 or +1-503-917-3153 if calling from outside the U.S. or Canada or email AmericanPhysicianPartners@epiqglobal.com.
Pachulski Stang Ziehl & Jones LLP and Bass Berry & Sims PLC are serving as legal counsel and John DiDonato of Huron Consulting Group is serving as Chief Restructuring Officer of the Company. 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 a better alternative to hospitals and healthcare systems for their clinical outsourcing needs. Since its inception, the company grew to more than 160 practice sites and became a recognized leader in the provision of exceptional emergency medicine, hospital medicine, and critical care management services to hospitals and healthcare systems nationwide. APP earned its extensive growth by remaining true to its mission to support its providers and hospital partners in providing safe, compassionate, and efficient care to every patient, every time.