GenesisCare sets bid procedures for assets of U.S. business

By Sarah Lizee

Olympia, Wash., July 3 – GenesisCare Pty Ltd. is seeking approval of bid procedures for its assets, according to an emergency motion filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

When it filed bankruptcy, the company launched a marketing process for the U.S. arm of its business, comprised of a large network of physician-led cancer treatment centers.

The U.S. business has faced strategic and operational challenges that have resulted in declining revenue and, as of last year, unprofitability.

GenesisCare said the U.S. business is now poised for an operational turnaround and return to profitability due in large part to the efforts of its new management team, its commitment to identifying and assessing areas for potential improvement, and the development of a detailed turnaround plan to increase revenues and reduce costs.

The company said that while its operations in the United Kingdom, Australia and Spain have historically been sufficient to fund the U.S. arm’s operations, the group currently lacks the wherewithal to invest in a turnaround.

As such, the debtors are now seeking to formalize bid procedures designed to maximize value for stakeholders.

Under the proposed bid procedures, the bid deadline would be 6 p.m. ET on Sept. 18, an auction would be scheduled for Sept. 17, and a sale hearing would take place on Oct. 4.

The company is proposing an outside date of Oct. 24.

GenesisCare is a cancer care provider with headquarters in Sydney. The company filed bankruptcy on June 1 under Chapter 11 case number 23-90614.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.