AMERICAS DISTRESS DAILY: AmSurg Windfall Caps Ugly Envision Saga

The sale of AmSurg, an ambulatory surgery company once part of KKR & Co.-backed Envision Healthcare Corp., caps an epic distressed-debt saga that will hand a windfall to investors that took ownership of the business after an ugly debt brawl.

• Pacific Investment Management Co., King Street Capital Management, and Partners Group are among the AmSurg owners netting nearly $4 billion from the deal to sell the company to Ascension Health, one of the biggest nonprofit health systems in the US.
• The deal highlights a shift away from cooperation groups, where creditors team up to gain negotiating leverage against a company ...