KKR-Backed Envision Is Rebuffed by Most Bondholders on Debt Swap

Envision Healthcare Corp., the medical staffing company that’s getting squeezed by the pandemic and holding back pay for doctors, received approval from less than a quarter of its unsecured bondholders for a debt deal that could haircut holdings by around 50%.

Holders agreed to swap just $198 million of Envision’s more than $1.2 billion of unsecured notes due 2026 for a new term loan with higher priority and an earlier due date, according to people with knowledge of the results who asked not to be identified discussing a private matter. Lenders have until April 30, the final tender deadline, ...