KKR-Backed Radiotherapy Group GenesisCare Files for Bankruptcy

The cancer-treatment specialist GenesisCare has filed for bankruptcy protection, after struggling under a debt load enlarged by a $1.5 billion takeover, the Wall Street Journal reported. Australia-based GenesisCare said today that it would split its U.S. business from operations in Australia, Spain and the U.K. as part of the U.S. chapter 11 reorganization. GenesisCare didn't say how much debt would be affected by the filing. GenesisCare is backed by the U.S. private-equity giant KKR. Starting with a single clinic in 2005, it has grown to more than 300 locations in four countries and over 5,500 employees. “The past three years have presented significant operational and financial challenges, requiring a comprehensive restructuring of the operations and balance sheet of the company,” David Young, who started as GenesisCare’s chief executive in April, said in a statement. GenesisCare has secured $200 million of debtor-in-possession financing from existing lenders, and plans to continue operating without disruption to patient care. (Subscription required.) Read more.