Air Methods Files Bankruptcy After Rates, Regulation Hit Profits
- Creditors, shareholders agreed to cut debt by $1.7 billion
- First-lien lenders committed to provide $80 million new funds
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Helicopter ambulance company Air Methods Corp. filed for Chapter 11 bankruptcy protection after it struggled to overcome a changing regulatory environment combined with higher interest rates.
Air Methods listed assets and liabilities between $1 billion and $10 billion in a petition filed in the Southern District of Texas on Tuesday. It employs around 4,900 people.