We are advising the administrative agent and collateral agent in connection with Envision Healthcare’s restructuring

Davis Polk is advising the administrative agent and collateral agent under an asset-based revolving credit and letter of credit facility among Envision Healthcare Corporation, the administrative agent and collateral agent and the other parties thereto in connection with the chapter 11 restructuring of Envision Healthcare Corporation and certain of its affiliates and subsidiaries (collectively, “Envision Healthcare”).

On May 15, 2023, Envision Healthcare filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the Southern District of Texas. In exchange for consenting to Envision Healthcare’s use of their cash collateral, the prepetition revolving lenders and letter of credit issuers obtained, among other things, a roll-up in full of the letters of credit issued under the prepetition credit facility, improved economic terms and customary adequate protection. The Court approved Envision Healthcare’s access to cash collateral and the roll-up of letters of credit on an interim basis during Envision Healthcare’s “first-day” hearing on May 15, 2023.  

Envision Healthcare is a leading national medical group that provides physician services to hospitals and health systems and serves as an operator of ambulatory surgical centers in partnership with physicians and other healthcare providers across the United States. Envision Healthcare employs or partners with more than 21,000 clinicians, providing care to patients with nearly 30 million patient visits each year.

The Davis Polk restructuring team includes partner Eli J. Vonnegut and associates Gene Goldmintz and Mary Kudolo. The finance team includes partner Kenneth J. Steinberg, counsel Andrei Takhteyev and associates Amna Ilyas, Ahmad Raja and Elizabeth Rodgers. All members of the Davis Polk team are based in the New York office.

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