KKR & Co. Inc.-backed Envision Healthcare Corp. is considering filling for bankruptcy due to the impact of the coronavirus pandemic on the business, Bloomberg News reported, citing people with knowledge of the matter.
The physician staffing company tapped law firm Kirkland & Ellis LLP while KKR is working with lawyers at Paul Weiss Rifkind Wharton & Garrison LLP to advise on Envision's restructuring options, including a possible submission of Chapter 11.
Investment bank Houlihan Lokey Inc. was also tapped to explore restructuring options for the healthcare company's debt.
Nashville, Tenn.-based Envision is looking at filing bankruptcy after patients deferred elective surgeries, leaving it struggling to manage its debt worth $7 billion from the company's leveraged buyout in 2018.
Sources told Bloomberg that the plans could change depending on market conditions and the length of the shutdown of Envision's businesses.
Envision, KKR and Houlihan declined to comment, while Kirkland and Paul Weiss did not immediately respond to Bloomberg's request for comment.