KKR-backed Envision Healthcare plans bankruptcy filing – WSJ
2023.05.09 17:01
© Reuters.
(Reuters) -KKR & Co Inc-backed Envision Healthcare Corp is planning to file for Chapter 11 bankruptcy protection, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.
The filing, which could be made as soon as this weekend, would wipe out the investment of KKR in the medical staffing firm, the report said.
In 2018, KKR had taken Envision private in a deal valued at $5.57 billion to build up its healthcare portfolio.
The report said Envision has around $7 billion in outstanding debt, much of which trades at under 10 cents on the dollar as the company’s finances have steadily deteriorated over the last two years.
Much of Envision’s debt will be swapped for shares in the reorganized company, the report added.
KKR declined to comment and Envision did not immediately respond to Reuters request for comment.
