Financial restructuring to fortify balance sheet and provide liquidity runway for next stage of growth
Approvals received from key stakeholders across capital structure; transaction will be implemented through prepackaged court-supervised process; Expected to obtain court approval within the next 45 days
Business will continue to operate as usual without interruption; trade creditors, employees, and other partners expected to continue to be paid in ordinary course
PLANTATION, Fla., Oct. 20, 2023 /CNW/ – Akumin Inc. (“Akumin” or the “Company”) (NASDAQ: AKU) (TSX: AKU) announced today that it has reached an agreement with Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and the Company’s stakeholders on the terms of a financial restructuring that will substantially improve the Company’s balance sheet and provide ample liquidity to position Akumin for future success. The contemplated transaction will result in Akumin no longer being publicly listed.
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. The Company 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.
“Today’s announcement marks the successful culmination of a thorough strategic review process to ensure we have the right capital structure in place to support our long-term success. As a result of this transaction, Akumin will move forward as a private company with increased financial flexibility and a strengthened balance sheet, better positioned to execute on our strategic plan to become the outpatient partner of choice for hospitals and health systems,” said