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“Envision Healthcare filed for Chapter 11 bankruptcy Monday morning, ending a yearslong saga,” Aaron Weitzman writes over at Axios, in a major shift for private-equity-based healthcare. “Why it matters: It could be one of the largest health care-related bankruptcy cases ever, the Wall Street Journal reports. Details: Nashville-based Envision estimated assets and liabilities in the range of $1 billion to $10 billion each, the company said in a court filing.

  • “Envision entered a restructuring support agreement for debt obligations of about $7.7 billion.
  • “Via that restructuring, Envision’s ambulatory surgery unit Amsurg, and its doctor practice Envision Physician Services, will now be separately owned.
  • “Envision’s Amsurg unit will buy surgery centers held by the company for $300 million, along with a waiver of intercompany loans held by Amsurg, Envision said in a statement.
  • “Aside from a revolving credit facility, Envision’s debt will be canceled, deleveraging the company’s balance sheet by about $5.6 billion, it said.

Catch up quick: KKR was the fourth private equity firm to own Envision, acquiring the business for $9.9 billion in 2018.” Aaron Weitzman, “Envision files for Chapter 11,” Axios.

Jeanne Pinder  is the founder and CEO of ClearHealthCosts. She worked at The New York Times for almost 25 years as a reporter, editor and human resources executive, then volunteered for a buyout and founded...