Air Methods, a private equity-owned medical helicopter company, filed for bankruptcy protection on Tuesday with a plan to cut $1.7 billion in debt. Air Methods’ business had suffered recently due to rising interest rates, higher labor costs and a recent U.S. ban on “surprise” medical bills, according to court filings in Houston, Texas, bankruptcy court. The company, acquired by private equity firm American Securities in 2017, entered bankruptcy with about $2.24 billion in debt. Air Methods has the support of a majority of its lenders, and it aims to complete its debt restructuring by the end of 2023, according to its court filings.
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