Image via Martin B. Cherry at the Nashville Business Journal.
Envision CEO James Rechtin.
Envision Healthcare, a Nashville-based physician staffing company, has filed for Chapter 11 U.S. Bankruptcy Court protection, as reported by Joel Stinnett and John George for the Philadelphia Business Journal.
The firm is also following through with its previously announced plan to shed 162 jobs in Conshohocken.
Envision has also entered into a restructuring support agreement with lenders that eliminated around $5.6 billion in debt.
As part of the agreement, the company and its ambulatory surgery center business, Amsurg, will split into two separate companies. Amsurg will pay $300 million, plus a waiver of inter-company loans for Envision’s ownership stake in the company’s 250 surgery centers.
Both Envision Healthcare and Amsurg will continue to operate throughout the bankruptcy and restructuring processes.
Envision has offices of its physician staffing division in Conshohocken and Horsham.
The first round of employee layoffs will take place on July 14 and will affect 37 people. The remaining 125 positions will be eliminated on September 15.
However according to the company, the Conshohocken office at 1000 River Road will still employ several hundred workers.
Read more about the status of Envision Healthcare in the Philadelphia Business Journal.
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A primer on the U.S. Bankruptcy Court.