Helicopter ambulance company Air Methods Corp. filed for chapter 11 protection after it struggled to overcome a changing regulatory environment combined with higher interest rates, Bloomberg News reported. Air Methods listed assets and liabilities between $1 billion and $10 billion in a petition filed in the Southern District of Texas on Tuesday. A majority of its first-lien lenders, bondholders and its shareholders have agreed on a restructuring plan to cut debt by about $1.7 billion, according to a company statement. A group of first-lien lenders committed to provide $80 million of debtor-in-possession financing, it said. The closely-held company has been holding talks with creditors after missing an interest payment on its debt, Bloomberg previously reported. Its profits have been slashed by rising costs, rising interest rates and federal legislation aimed at protecting people from unexpected medical bills. Private equity firm American Securities acquired the company in 2017. Air Methods expects to complete the restructuring by year end, it said in the statement.
