Apr 4, 2017

Adeptus Health eyes bankruptcy

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.

Go deeper

Trump indulges Wall Street with Milken pardon

Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.

Situational awareness

Photo: Win McNamee/Getty Images

Catch up on today's biggest news:

  1. Roger Stone sentenced to 40 months in prison
  2. Top NSC official reassigned to Energy Department amid "Anonymous" fallout
  3. Morgan Stanley to buy E*Trade in $13 billion deal
  4. Coronavirus slams companies' 2020 sales projections
  5. Black activist group gives its first presidential endorsement to Elizabeth Warren

Coronavirus kills 2 Diamond Princess passengers and South Korea sees first death

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. U.S. numbers include Americans extracted from Princess Cruise ship.

Two elderly Diamond Princess passengers have been killed by the novel coronavirus — the first deaths confirmed among the more than 600 infected aboard the cruise ship. South Korea also announced its first death Thursday.

The big picture: COVID-19 has now killed more than 2,100 people and infected over 75,000 others, mostly in mainland China, where the National Health Commission announced 114 new deaths since Wednesday.

Go deeperArrowUpdated 2 hours ago - Health