Adeptus Health looks to modify plan to correct Deerfield claim amount

By Caroline Salls

Pittsburgh, Aug. 16 – Adeptus Health Inc. requested court approval to modify its plan of reorganization to correct the claim amount listed for Deerfield Management Co., LP’s deficiency claim and make related changes, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Northern District of Texas.

“The current language of the plan inadvertently results in establishing the Deerfield deficiency claim in the amount of $63 million, $73.5 million less than intended,” the motion said.

Adeptus said the amended plan will state that the definition of Deerfield secured claims is the portions of the Deerfield loan claims that are secured claims, which will be allowed in an amount that is equal to $165 million less the amount of a debtor-in-possession facility claim.

The amended plan also states that “Because the debtors owed Deerfield $228 million as of the petition date on account of the Deerfield senior debt obligations and because the debtors estimate that the amounts owed under the DIP facility will total $73.5 million, the debtors estimate that the total amount owed to Deerfield, including the amounts owed on account of the Deerfield loan claims and the DIP facility claims will equal $301.5 million.

“The Debtors assert (and Deerfield and the creditors’ committee agree) that, for purposes of the plan, Deerfield’s collateral is worth $165 million. Therefore, the Debtors estimate (and Deerfield and the creditors’ committee agree) that, for purposes of the plan, the Deerfield deficiency claims will equal $136.5 million.”

Based in Lewisville, Texas, Adeptus maintains a network of freestanding emergency rooms and partnerships with health care providers. The company filed bankruptcy on April 19 under Chapter 11 case number 17-31432.

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