American Physician Partners is now a post-confirmation liquidation trust case, with recent docket activity focused on claims cleanup and insurance-only stay-relief stipulations rather than operating restructuring. The company entered chapter 11 after a liquidity crisis forced it to transition roughly 150 emergency department and hospital medicine contracts to alternative providers, leaving only a small wind-down workforce by the petition date; the DiDonato first-day declarationDkt. 18 ties the filing to sustained operating losses, COVID-era pressure, No Surprises Act reimbursement disruption, higher clinical labor costs, and the prepetition lenders’ June 2023 refusal to provide further cash advances.
The debtors filed on September 18, 2023, under a capital structure that included approximately $570.1 million in term loans and $19.5 million in revolver obligations under the Goldman Sachs-led prepetition secured facility, plus about $40 million of unsecured trade, staffing, and accounts-payable exposure, according to the DiDonato first-day declarationDkt. 18. The case path moved quickly away from business preservation and toward liquidation: the debtors filed a second amended combined disclosure statement and liquidation plan in January 2024, supported by a modified liquidating trust agreement in the modified plan supplementDkt. 807, and the court confirmed the plan on March 15, 2024 through the confirmation orderDkt. 1131.
Current activity is administrative and litigation-management oriented. In April 2026, the court granted the Liquidating Trustee’s fourth omnibus objection expunging cross-debtor duplicate claims while preserving objections to surviving claims, a posture reflected in the duplicate-claims objection orderDkt. 1847. The April 22 and May 20, 2026 omnibus hearings were cancelled after scheduled matters were resolved or adjourned, as shown by the April hearing cancellation noticeDkt. 1848 and May hearing cancellation noticeDkt. 1853. The latest filings seek approval of stipulations allowing personal-injury plaintiffs to proceed only against available insurance, with no estate or trust recovery, through the Christiansen stay-relief certificationDkt. 1855 and the Hines/Jones stay-relief certificationDkt. 1856.
