Akumin announced that it has reached an agreement with Stonepeak, an alternative investment firm specializing in infrastructure and real assets, and the company’s stakeholders on the terms of a financial restructuring that is expected to improve the company’s balance sheet and provide ample liquidity to position Akumin for future success. The transaction will result in Akumin no longer being publicly listed.
Akumin provides radiology and oncology services and solutions to approximately 1,000 hospitals and health systems across 48 states.
The contemplated transaction will result in the existing Stonepeak note, totaling approximately $470 million, being cancelled and converted into shares of the company. In addition, Stonepeak will invest $130 million in new money into the company as a capital contribution.
To effect the transaction in a timely and efficient manner, the company and certain of its subsidiaries will commence prepackaged chapter 11 cases in the Southern District of Texas. Akumin expects to obtain court approval of the transaction within the next 45 days and complete the transaction after receiving certain regulatory approvals. Throughout the process, Akumin’s operations are expected to continue as normal. The company expects to continue to pay trade creditors, employees, and other partners in the ordinary course of business. Read more.
