Radiology provider Akumin’s creditor takes complete control of the company
Radiology provider Akumin’s creditor is slated to take complete control of the company on Tuesday, Feb. 6, leaders announced recently.
The move marks the next step in Akumin’s Chapter 11 bankruptcy protection process that started in October. “Alternative investment firm” Stonepeak—which operates as a private equity firm, according to Bloomberg—invested an additional $130 million before taking over the organization this month.
“Under the prepackaged plan, no shareholder approval is required to facilitate Akumin’s restructuring transaction,” the Plantation, Florida-based firm said in a Jan. 31 announcement. “In anticipation of the effective date, and in order to consummate the restructuring transaction, Akumin has applied to voluntarily delist its common stock from the Toronto Stock Exchange.”
The radiology and oncology provider officially pulled its shares from the TSE on Feb. 1 after also vacating the Nasdaq last year. New York-based Stonepeak is taking 100% control of Akumin’s common shares. As part of the “prepackaged” transaction—meaning agreed to by creditors prior to the bankruptcy filing—existing stockholders are slated to receive $25 million in cash, according to the announcement.
Akumin once billed itself as the No. 2 imaging provider in the United States. The company provides comprehensive radiology and oncology services to about 1,000 hospitals and health systems across 47 states, also offering fixed-site outpatient diagnostic imaging through a network of facilities. Akumin has launched a website about its bankruptcy filing, which said it continues operating without interruption.
“We are pleased to join forces with Stonepeak, a strong partner who can offer valuable resources and operational support,” the website said. “This transaction will position us to better execute on our strategic plan to become the outpatient partner of choice for hospitals and health systems and continue to deliver unparalleled patient experiences and outcomes.”
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.