Joele Frank is handling Air Methods Corp., the helicopter ambulance company based in Greenwood Village, CO, that filed for Chapter 11 in its bid to reduce its $1.7B debt load.
The reorganization will enable Air Methods "to continue supporting patients with lifesaving care and serving as an integral link between the nation’s top healthcare facilities and people in rural and remote communities,” said CEO JaeLynn Williams.
Air Methods has a fleet of 365 medical helicopters and fixed-wing aircraft that serve 47 states from 275 bases. It transports about 100K people per year.
The federal “No Surprises Act," which protects people from unexpected medical bills, has negatively impacted the emergency services sector as patients are unwittingly flown to “out-of-network” providers. That sets the stage for a showdown with insurers.
Williams said the Chapter 11 protection will position Air Methods “to deliver the highest quality air medical care for generations to come.”
American Securities, private equity firm, acquired Air Methods in 2017.
Joele Frank, Wilkinson Brimmer Katcher’s Andy Brimmer and Aura Reinhard represent Air Methods.