The Adeptus Health saga is about to enter a new chapter — Chapter 11. Hedge fund Deerfield Management will buy Adeptus' debt and push the emergency room operator through bankruptcy, the companies said Tuesday.

Deerfield, which owns 10% of Adeptus, also agreed to make rent and lease payments to Medical Properties Trust, which owns Adeptus' emergency room properties. Adeptus defaulted on loan payments that were due March 31, but Deerfield plans on waiving the default and pouring more money into Adeptus' facilities to keep them operating.

The bottom line: Adeptus, which pondered a sale last month, is a shell of itself. And it's not clear how Deerfield's restructuring plan will change Adeptus' underlying financial problems with its emergency rooms.