💥New Chapter 11 Bankruptcy Filing - Georgia ProtonCare Center Inc. d/b/a Emory Proton Therapy Center💥
Advanced cancer treatment facility files basic 363 sale case
On January 22, 2026, ATL-based non-profit Georgia ProtonCare Center Inc. d/b/a Emory Proton Therapy Center (the “debtor”) filed a chapter 11 sale case in the Northern District of Georgia (Judge Cavender). The debtor owns and operates the only proton therapy cancer treatment center in Atlanta (the “facility”). One of only 47 in the country.
Unlike traditional radiation therapy, which takes MacGruber’s approach to accuracy …
… and can damage your organs and cause secondary cancers, proton therapy is a sniper rifle with Chris Kyle behind the scope …
… delivering dead-on balls accurate doses of radiation to treat tumors and making patients less likely to experience side effects and, you know, more cancer.
Pretty remarkable tech. For which folks are willing to pay a premium.
Ergo, a group of private investors formed Georgia Proton Treatment Center, LLC (“GPTC”) to get in on the action. Construction and development of the facility kicked off in ‘10, but five years later, it came to a halt because GPTC be like …
… and those investors didn’t pump in more cash, leaving the facility, per CRO and first day declarant, Darryl Myers (of BDO Consulting Group, LLC), “… partially constructed and completely inoperable …” for a couple of years.
Until July ‘17, when non-profit Provident Resources Group, Inc. (“Provident”) acquired it, issued, with the assistance of the Atlanta Development Authority, bonds to fund taking it across the finish line, formed the debtor and dropped the facility on down, and started treating patients — and generating cash — in December ‘18.
How much cash? Here’s Mr. Myers:
“In fiscal year 2024, the Debtor recognized total operating revenue of $43.9 million, adjusted EBIDA of $6.5 million … In the 2025 fiscal year through November, the Debtor recognized total operating revenue of $39.6 million, adjusted EBIDA of $2.5 million …”
Net income, however, has been a disaster. Negative $31.9mm in ‘24, negative $33.7mm through November ‘25. Damn close, in the wrong direction, to the debtor’s operating revenue.
Plus, there were those bonds and other liabilities. The debtor entered chapter 11 owing:
📍~$242.7 million in principal under July ‘17-issued senior secured bonds, and another ~$67.6mm in accrued and unpaid interest,
📍~$207.5mm in principal under July ‘17-issued subordinated bonds, and another $32.4mm in accrued and unpaid interest,
📍~$29.5mm to GUCs, including vendors,
📍~$7.2mm to Provident under an admin services agreement (e.g., payroll, accounting), and
📍~$29.1mm to Emory Healthcare Inc. and The Emory Clinic Inc. (collectively, “Emory”) under a management agreement, $6.8mm of which relates to amounts owed for Emory’s running the debtor’s day-to-day ops (sales and marketing, clinical care, staffing, etc.)* and the balance being the amount under a 3% revenue royalty arrangement.
For a total of ~$616mm. 14x 24’s total revenue.