NEW YORK - Air Methods, a private equity-owned medical helicopter company, filed for bankruptcy protection on Tuesday with a plan to cut $1.7 billion in debt.
Air Methods' lenders are expected to control the company when it emerges from bankruptcy, and American Securities' current 95% equity stake will be wiped out. Air Methods, like other private equity-owned emergency medical services companies that have filed for bankruptcy in recent months, blamed the federal No Surprise Act for creating "red tape" that impaired its ability to collect payments from health insurers.
Greenwood Village, Colorado-based Air Methods operates a fleet of 365 medical helicopters and fixed-wing aircraft from 275 locations in the U.S., and it makes 100,000 emergency medical transports a year. 'Probably the best use of cash': Warren Buffett likes businesses that dole out dividends — but he absolutely loves it when they do this instead. 3 'share cannibals' to watch nowLive news: Bank of Canada's Macklem says premiers' rate requests risk independence
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