FORT MYERS, Fla., Jan. 09, 2018 (GLOBE NEWSWIRE) -- 21st Century Oncology Holdings, Inc., the largest global provider of integrated cancer care services, announced today that the United States Bankruptcy Court for the Southern District of New York has confirmed the Company’s chapter 11 plan of reorganization. The Plan, as approved today, is expected to reduce the Company’s long-term debt by more than $500 million, strengthen its balance sheet and establish a sustainable capital structure.
The Company expects to complete the financial restructuring process and emerge from chapter 11 within the next couple of weeks. Upon emergence, the majority owners of the reorganized Company, which include certain funds and accounts managed by Beach Point Capital Management, LP, Governors Lane, LP, J.P. Morgan Investment Management, Inc., Oaktree Capital Management, L.P., Roystone Capital Management LP and HPS Investment Partners, LLC, will provide fresh capital to the Company.
“The Court’s approval of the Plan is the culmination of months of hard work and constructive negotiations. 21st Century Oncology is well poised to achieve its objective of being the preeminent integrated cancer care provider in the country,” said Jeff Goldberg, incoming Chairman of the Board of the reorganized Company. “We are pleased with all the cooperation we received in reaching this important milestone, and very soon 21st Century Oncology will emerge from chapter 11 as a more financially stable company with a stronger balance sheet. We will be poised for long-term growth and have the financial flexibility to continue to be at the forefront of cancer care."
Thomas Gordon, board member of the reorganized Company and long-time consultant to the Company, stated, “[t]oday's confirmation provides us with an opportunity to put the past behind us and focus on our strategic vision for the future. I want to thank our dedicated employees and physicians, and the hospital and joint venture partners, who remained focused on providing the best possible care to patients throughout this process, which has positioned us to be on the cusp of a transformation that holds significant opportunities for 21st Century Oncology."
About 21st Century Oncology Holdings, Inc.
21st Century Oncology Holdings, Inc. is the largest global provider of integrated cancer care services. The Company offers a comprehensive range of cancer treatment services, focused on delivering academic quality, cost-effective patient care in personal and convenient settings. As of March 31, 2017, the Company operated 179 treatment centers, including 143 centers located in 17 U.S. states and 36 centers located in seven countries in Latin America.