Radiation Therapy Services Bids for OnCure Holdings
OnCure Holdings, a provider of management services and facilities to radiation oncology physician groups, entered into an investment agreement with Radiation Therapy Services (RTS) under which RTS has agreed to acquire OnCure for approximately $125 million, including $42.5 million in cash (plus covering certain expenses and subject to certain working capital adjustments) and up to $82.5 million in assumed debt. In addition, OnCure’s secured noteholders have executed a restructuring support agreement outlining their commitment to support the transaction with RTS.
With the execution of the investment agreement, RTS has agreed to be the lead bidder in a sale process to take place during the Chapter 11 cases. If RTS’s bid is successful and receives bankruptcy court approval, the acquisition will be completed through OnCure’s Chapter 11 plan of reorganization, which is expected to occur prior to the end of October 2013.
The Bankruptcy Court has approved OnCure’s $25 million debtor-in-possession credit facility on an interim basis and other relief related to the continued operation of its businesses.
OnCure’s legal advisors in connection with its restructuring are Latham & Watkins and Richards, Layton & Finger. Financial advisory services are being provided by Jefferies. Match Point Partners is providing management services to OnCure.
Previously on abfjournal.com: OnCure Holdings Files Chapter 11, Well Fargo to Agent DIP, June 17, 2013