Creditors for radiology provider Akumin have reportedly lawyered up, with the troubled imaging center operator also facing a possible delisting from the Nasdaq.

The Plantation, Florida-based company has faced a series of challenges in recent months, leaders revealed during the company’s second quarter earnings call. Those include a dip in revenues, increasing expenses and a heavy debt load after acquiring Alliance Healthcare Services for $820 million in 2021.

Amid these challenges, some noteholders to Akumin have organized with debt restructuring law firm Akin Gump Strauss Hauer & Feld, Bloomberg Law reported Sept. 7. Backed by private equity sponsor Stonepeak Partners, Akumin is carrying more than $1.3 billion in debt, including $475 million of 7% secured notes due in 2025.

Given its challenges, Akumin’s board of directors has formed a special committee to devise potential solutions. The group includes representatives from Stonepeak, which is still owed $451.3 million in unsecured debts (meaning not backed by collateral) from Akumin.

Meanwhile, the publicly traded company also recently received notice from the Nasdaq that its shares are at risk of being delisted from the stock exchange. Listed companies are required to maintain a minimum of $2.5 million in stockholders’ equity to maintain their presence on the platform. However, Akumin has failed to meet this requirement and now has 45 days from Aug. 15 to come into compliance, according to a filing with the U.S. Securities and Exchange Commission.

“There can be no assurance that the company will be able to regain compliance with the Continued Listing Standards, or will otherwise be in compliance with other Nasdaq isting rules,” the filing stated.

Akumin’s stock was trading at $0.13 per share late Friday, down nearly 93% in value over the past year.

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