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21st Century Oncology Bankruptcy Plan Filed

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21st Century Oncology Holdings filed with the U.S. Bankruptcy Court a Joint Chapter 11 Plan of Reorganization and related Disclosure Statement.

According to the Disclosure Statement, “If confirmed and consummated, the Plan will eliminate more than $500 million in net debt from the Debtors’ balance sheet, provide the Debtors with the capital necessary to fund distributions to the Debtors’ creditors, and provide the Debtors with working capital necessary to fund ongoing operations. The Debtors intend to emerge from chapter 11 pursuant to the Plan on an expedited timeline within six to nine months following the Petition Date.”

In addition, “The Plan substantially reduces the Debtors’ current secured debt load, contemplates that the holders of the Debtors’ unsecured obligations will receive a Cash or equity distribution on account of their Claims, and allows holders of Interests in 21CH and 21CI to receive New Warrants if certain conditions are satisfied. Furthermore, the Plan contemplates two separate Rights Offerings that certain Noteholders may participate in to acquire the New Second Lien Notes and New Preferred Equity. The Debtors respectfully submit that the Plan maximizes recoveries for the Debtors’ stakeholders, right-sizes the Debtors’ balance sheet, and preserves the Debtors’ ongoing operations.”

Read more 21st Century bankruptcy news.

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