Just five months after filing for bankruptcy, the company that operates the largest chain of freestanding emergency rooms in the U.S. says it will soon return as a privately held company.

A North Texas judge has confirmed Adeptus Health's restructuring plan, and the company could emerge from Chapter 11 in the coming days, it said in a press release Wednesday.

Adeptus’ legal team could not immediately be reached to discuss the updates. Healthcare management and bankruptcy experts say it’s a positive sign for the North Texas organization once seen as a darling of Wall Street. But questions remain about the direction it could take next.

Low patient volumes and billing and collection issues in the Lewisville-based chain's freestanding facilities hurt its revenues. High costs caused some consumers to sue. Industry researchers accused the for-profit model of preying on privately insured customers.

“No amount of restructuring will solve that issue,” said Britt Berrett, director of The University of Texas at Dallas’ Center for Healthcare Leadership and Management. In order to succeed, new management may have to take a serious look at its underlying business model.

Adeptus Health operated nearly 100 freestanding emergency rooms and five hospitals in a handful of states, including Texas, Arizona and Colorado, when it filed Chapter 11 in April.

Founded in 2002, the company grew quickly into an expansive enterprise with more than 3,200 employees and its number of shareholders reached to more than 140 affiliated entities.

Yet the Adeptus entities struggled to generate the revenue to cover costs at their 24-hour emergency operations, and the expense of opening of new hospitals added even more debt.

The current reorganization plan aims to "improve the financial flexibility and operational structure of the business," help position Adeptus for long-term success and give the company a "fresh start," the company said.

Its stock shares and interests will be consolidated and handed over to private equity firm Deerfield Management, which in April agreed to make lease payments and to take on Adeptus’ $212.7 million in debt.

“They were pretty heavily into this company. And now they’d own it,” said Samuel Maizel, a partner in the bankruptcy group of the global law firm Dentons. “Hopefully their deep pocket will keep it alive,” he said.

New York-based Deerfield maintains a number of other healthcare organizations in its portfolio, to include pharmaceutical, medical device and health records companies.

That’s a good sign for ailing Adeptus, given that bouncing back from bankruptcy can be a huge challenge in the healthcare industry.

Berrett pointed to facilities that have been sold in parts, like the now defunct Forest Park Medical Center, or ones that suddenly go belly-up with no warning, like the $100 million Walnut Hill Medical Center, which shuttered in June.

When millions of investment dollars are on the line in a high-risk industry, hedge funds don’t usually leave wiggle room for a gamble.

“You’re all on, or all off,” Berrett said. “Venture capitals are cut and dry in business decisions.”

Approval of the plan could also indicate that there is still support from partners, or that underlying issues would be addressed, like consumers too often confusing the facilities with urgent care.

The company had already been aligning with other brands, like Texas Health Resources in Arlington, Dignity Health in Arizona and the University of Colorado.

Adeptus became a publicly traded company in 2014. When the restructuring plan goes into effect, shares of Adeptus’ common stock will be canceled and its status as a corporate entity will be dissolved, the announcement this week said.