GenesisCare files Chapter 11 plan and disclosure statement

By Sarah Lizee

Olympia, Wash., Sept. 11 – GenesisCare Pty Ltd. filed a Chapter 11 plan and related disclosure statement Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

Since entering Chapter 11, the debtors have formulated a new business plan that will allow the Australia and United Kingdom (ROW) businesses to continue to provide patient care with a right-sized geographical footprint while conducting a marketing process for U.S. debtors through court-approved bid procedures, the company said.

GenesisCare said the plan provides a pathway for the debtors’ ROW business to recapitalize and maintain critical relationships with employees, vendors and other stakeholders.

For the U.S. business, the plan contemplates either (i) a sale transaction restructuring, through one or more sales of the debtors’ assets, either through the plan or one or more section 363 sales, or (ii) an equitization restructuring, through which a plan sponsor will receive 100% of the U.S. debtors’ new common stock.

Under the plan, holders of other secured claims will receive payment in full in cash, reinstatement of the claims, or other payment leaving the claims unimpaired.

Holders of priority claims will receive payment in full in cash or other treatment leaving the claims unimpaired.

Holders of senior facilities agreement claims will receive their pro rata share of new warrants and distributable cash, if any, in line with a waterfall recovery.

Holders of shareholder loan claims will not receive any property under the plan.

Holders of general unsecured claims against the ROW debtors will have their claims reinstated or receive payment in full in cash on the effective date or the date due in the ordinary course of business.

Holders of general unsecured claims against the U.S. debtors will not receive anything under the plan.

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

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