Emily
Editor, Senior Moderator
GenesisCare files for bankruptcy in Texas, seeks to sell US business
By Dietrich Knauth
June 1, 20238:35 PM CDTUpdated 3 months ago
NEW YORK, June 1 (Reuters) - Cancer treatment company GenesisCare filed for U.S. bankruptcy protection in Texas on Thursday, seeking to sell its U.S. business and refocus on its operations in Australia, Spain and the U.K.
GenesisCare, based in Sydney, Australia, broke into the U.S. market in 2020 through its acquisition of 21st Century Oncology. But the merger loaded the company with additional debt and the U.S. business was unprofitable, failing to produce operational synergies GenesisCare had hoped for, according to court documents filed in Houston bankruptcy court.
GenesisCare, which is backed by private equity firms KKR and China Resources Capital, specializes in radiotherapy cancer treatments, with more than 300 locations in the United States, the UK, Australia, and Spain...
https://www.reuters.com/business/he...ptcy-texas-seeks-sell-us-business-2023-06-01/
By Dietrich Knauth
June 1, 20238:35 PM CDTUpdated 3 months ago
NEW YORK, June 1 (Reuters) - Cancer treatment company GenesisCare filed for U.S. bankruptcy protection in Texas on Thursday, seeking to sell its U.S. business and refocus on its operations in Australia, Spain and the U.K.
GenesisCare, based in Sydney, Australia, broke into the U.S. market in 2020 through its acquisition of 21st Century Oncology. But the merger loaded the company with additional debt and the U.S. business was unprofitable, failing to produce operational synergies GenesisCare had hoped for, according to court documents filed in Houston bankruptcy court.
GenesisCare, which is backed by private equity firms KKR and China Resources Capital, specializes in radiotherapy cancer treatments, with more than 300 locations in the United States, the UK, Australia, and Spain...
https://www.reuters.com/business/he...ptcy-texas-seeks-sell-us-business-2023-06-01/