The US Bankruptcy Court for the Southern District of Texas has confirmed Air Method's prepackaged Plan of Reorganisation. The air medical services provider has continued to operate normally throughout the court-supervised restructuring process and expects to emerge from Chapter 11 before the end of the year.

"We look forward to moving ahead with a substantially stronger balance sheet and additional financial flexibility as we continue providing industry-leading air medical service to our healthcare partners, communities, customers and patients," says CEO JaeLynn Williams. "With an optimal capital structure, Air Methods will be even better positioned to continue investing in our business and executing on our growth initiatives, including opening new greenfield bases, growing our frontline team and going in-network with additional commercial insurers, for the benefit of those we serve."

The plan was unanimously approved by both classes entitled to vote - the prepetition secured lenders and the prepetition unsecured noteholders. Implementing the plan confirmed by the court will reduce Air Methods' total debt by approximately $1.7 billion and enable it to emerge from the court-supervised process with sufficient liquidity to position the company for success and support the company into the future, supported by the investment of approximately $185 million of new capital by members of the ad hoc group.

"We appreciate the support of our key financial stakeholders, which has enabled us to reach this milestone on an expedited basis," says Williams. "We also are grateful to our teammates for their unwavering commitment to safely delivering outstanding patient care, and we thank our partners for their ongoing support of Air Methods and our key role in the nation's healthcare infrastructure."