Cancer provider GenesisCare filed for Chapter 11 bankruptcy protection in the Southern District of Texas on Thursday and seeks to sell its underperforming operations in the United States.
Sydney, Australia-based GenesisCare said in a press release that it is restructuring the business, including $1.7 billion in debt, to separate its US operations from its Australian operations. , Spain and Great Britain
The company, which has more than 300 locations worldwide and more than 5,500 doctors and support staff, plans to use $200 million in funding from existing lenders to run the business.
GenesisCare, backed by private equity firm KKR and China Resources Capital, entered the US market in 2020 when it acquired 21st Century Oncology, which provides oncology, urology care and services. other. The 21st Century has struggled for years and previously filed for bankruptcy in 2017. Since GenesisCare took over, the company has worked to improve its revenue cycle management, billing contracts and IT systems—efforts the company says are “starting to bear fruit”.
A GenesisCare spokesperson said if the sale doesn’t take place, the company could also move its U.S. operations to a third-party funding provider.
