American Physician Partners’ Chapter 11 plan effective as of March 21

By Sarah Lizee

Olympia, Wash., March 28 – American Physician Partners, LLC’s Chapter 11 plan went into effect on March 21, according to a notice filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The plan was confirmed on March 15.

As a reminder, the company filed Chapter 11 to facilitate and complete its wind-down process and liquidate its remaining assets in an orderly fashion.

The pre-packaged plan provides for a liquidating trust funded with the remaining assets of the debtors, as well as a $250,000 general unsecured creditor fund.

Administrative claims, tax claims, priority non-tax claims and other secured claims were left unimpaired by the plan.

Holders of prepetition lender secured claims were to retain their liens on their applicable collateral, consisting of some or all of the liquidating trust assets, but excluding the GUC fund, the liquidating trust reserve, the professional fee escrow and the administrative/priority/other distribution reserve, until the collateral is disposed of or released, and the net proceeds of the disposition will be paid to holders after payment of or reserve for higher priority claims.

Holders of unsecured claims were to receive a pro rata share of the liquidating trust interests in exchange for their claims, which entitle the beneficiaries to a pro rata share of the GUC fund and a pro rata share of the remaining liquidating trust assets.

Holders of intercompany claims, intercompany interests, and interests were not expected to receive any distribution.

American Physician Partners is a scaled emergency department and hospitalist management platform based in Brentwood, Tenn. The company filed bankruptcy on Sept. 18, 2023 under Chapter 11 case number 23-11469.

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