Air Methods exits bankruptcy

Air Methods confirmed that it has managed to successfully shed $1.7 billion in debt as a result of the process – the firm had debts of around $2.24 billion when it began restructuring in October 2023.

In a statement, Air Methods said that the ‘significantly reduced debt and increased liquidity’ had positioned it for ‘long-term success’.

Ownership of Air Methods was transitioned to Air Methods’ lenders and noteholders ‘upon emergence’ from the process. The company added that its ‘new owners are investing approximately $185 million of new capital’ into it.

Air Methods maintained its day-to-day operations throughout the Chapter 11 process – the company has a mixed fleet of 365 aircraft, spread across 275 bases in 47 US states.

“Today marks an important inflection point for Air Methods in our transformation journey as we enter our next stage focused on investing in the business and executing on our growth initiatives for the benefit of our healthcare partners, communities, customers, and patients,” said JaeLynn Williams, CEO of Air Methods.

“With a stronger balance sheet and additional financial resources, we remain focused on serving our contractual partners, opening new greenfield bases, optimizing our field operations, expanding our frontline team, and going in-network with commercial insurers.”