Most cancers therapy supplier GenesisCare filed for Chapter 11 chapter safety within the Southern District of Texas on Thursday and appears to promote its underperforming U.S. operations.
Sydney, Australia-based GenesisCare mentioned in a information launch it’s restructuring the enterprise, together with $1.7 billion in debt, to separate U.S. operations from these in Australia, Spain and the U.Ok.
The corporate, which has greater than 300 areas worldwide and greater than 5,500 physicians and assist employees, plans to make use of $200 million in financing from current lenders to function the enterprise.
GenesisCare, backed by private-equity agency KKR and China Assets Capital, entered the U.S. in 2020 when it acquired twenty first Century Oncology, which offers most cancers care, urology and different companies. twenty first Century had struggled for years and beforehand filed for chapter in 2017. Since GenesisCare took over, it has labored to enhance income cycle administration, payer contracting and IT methods—efforts the corporate mentioned are “starting to yield outcomes.”
A GenesisCare spokesperson mentioned if a sale would not happen, the corporate may additionally spin off the U.S. operations to a third-party capital supplier.