💥New Chapter 11 Bankruptcy Filing - Akumin Inc.💥
Florida-based company has an agreement in hand for meaningful debt reduction.
After some recent drama, the SDTX is back, baby! 😜
On October 20, 2023, FL-based Akumin Inc. and 58 affiliates (together, the “debtors”) filed prepackaged chapter 11 bankruptcy cases in the Southern District of Texas (Judge Lopez). Akumin provides outsourced radiology & oncology screening to ~1,100 hospital partners with 180 imaging locations across 48 states.
The prepackaged plan will cut the debtors’ nearly $1.375b of debt by ~$585mm while handing over the keys to PE fund, existing lender, and large equityholders, Stonepeak Partners. $AKU (now $AKUMQ, post filing) shares closed up 51% on the following Monday (10/23) as the market got wind of the debtors’ plans to pay $25mm plus provide certain contingent value rights to shareholders.