Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Bonds

21st Century Oncology Holdings Plan Effective

21st Century Oncology Holdings' Joint Chapter 11 Plan of Reorganization [Revised] became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on January 11, 2018. The restructuring reduced the Company's net debt by more than $500 million. Upon emergence, the majority owners of the reorganized Company--which include certain funds and accounts managed by Beach Point Capital Management, Governors Lane, J.P. Morgan Investment Management, Oaktree Capital Management, Roystone Capital Management and HPS Investment Partners--will provide fresh capital to the Company. BankruptcyData's detailed Plan Summary notes, "The Plan and Restructuring Support Agreement contemplates a comprehensive restructuring of the Debtors' balance sheet through, among other things, the conversion of its existing obligations under the MDL Facility and the First Lien Credit Facilities into two new term loan credit facilities, a debt-to-equity conversion of the Notes and certain General Unsecured Claims, the Rights Offerings, pursuant to which all Noteholders who are Accredited Investors will receive rights to purchase their pro rata shares of $200 million in aggregate original principal amount of the New Second Lien Notes and the New Preferred Equity with an aggregate initial liquidation value of $88.235 million, each backstopped by the Backstop Parties, and New Warrants provided to holders of existing equity interests in the Debtors 21CI and 21CH, provided that all creditor classes as well as the equity holders vote to accept the Plan." Jeff Goldberg, incoming chairman, comments, "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." This operator of cancer treatment centers filed for Chapter 11 protection on May 25, 2017, listing $1.2 billion in pre-petition assets. Visit BankruptcyData for a detailed Plan Summary.

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