Bondholders of KKR & Co.’s Envision Healthcare Corp. have hired law firm White & Case LLP as the physician staffing company faces a looming payment deadline on its unsecured bonds, WSJ Pro Bankruptcy reported. Envision has a bond interest payment coming due Saturday and investors are concerned about whether it will pay because it is in technical default. The bondholder group, which formed recently, has said it represents a majority of the company’s outstanding bonds. Envision issued $1.2 billion of unsecured bonds due in 2026 in connection with its $6 billion purchase by KKR in 2018. Those bonds were recently quoted at around 4 cents on the dollar, according to market-data platform Solve, indicating that investors expect significant impairment. Envision has been in negotiations with some of its other creditors after missing a March 31 deadline to report its fourth-quarter financial results, triggering a technical default under the company’s loans.
