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GIPHY

Things have gotten so bad at Adeptus Health that the emergency room chain has hired a chief restructuring officer and retained investment bank Houlihan Lokey to help explore "various strategic alternatives," the company disclosed in a federal filing. Adeptus, backed by private-equity firm Sterling Partners, still hasn't released its 2016 financial documents.

If Adeptus chooses to sell and is able to find a buyer, which is far from guaranteed given its precipitous fall since its initial public offering in 2014, it would likely sell for pennies on the dollar. Adeptus' stock cratered to an all-time low of $1.48 on Tuesday, its market cap is $21 million today compared with a high of $2.5 billion in 2015, and it is facing class-action securities lawsuits.

Expand chart

Data: Money.net; Chart: Andrew Witherspoon / Axios

The lesson: Adeptus heralded freestanding emergency rooms as a more convenient way to get care, but the facilities have been expensive to run and have led to exorbitant charges for some patients.

Go deeper

2 hours ago - World

Biden seeks to reboot U.S. sanctions policy

Sanctions increased under Obama and dramatically under Trump. Photo: Tom Williams/CQ Roll Call

The Biden administration is rethinking the U.S. approach to sanctions after four years of Donald Trump imposing and escalating them.

The big picture: Sanctions are among the most powerful tools the U.S. has to influence its adversaries’ behavior without using force. But they frequently fail to bring down regimes or moderate their behavior, and they can increase the suffering of civilians and resentment of the U.S.

2 hours ago - World

Merkel's farewell spoiled by Poland crisis at EU summit

One last awkward EU "family photo." Photo: John Thys/AFP via Getty Images

Angela Merkel took up her vaunted mantle as Europe's crisis manager for what could be the last time tonight, as she urged the EU to find compromise in its showdown with Poland.

Why it matters: The European Commission has threatened to withhold over $40 billion in pandemic recovery funds after Poland's constitutional tribunal — stacked with loyalists from the ruling right-wing populist party — rejected the principle that EU law has primacy over national law.

Republicans who put it all on the line

Rep. Nancy Mace speaks with reporters after voting to hold Steve Bannon in contempt of Congress. Photo: Anna Moneymaker/Getty Images

A small contingent of House Republicans risked their political futures on Thursday, they say, in the name of constitutional responsibility.

Why it matters: The nine Republicans who voted to hold former Trump aide Steve Bannon in contempt of Congress are now in peril of becoming political pariahs. They've opened themselves up to potential primary challengers and public attacks from their party's kingmaker — former President Trump.