Fort Myers, Fla.-based 21st Century Oncology Holdings has emerged from Chapter 11 bankruptcy with new owners.
21st Century Oncology, which operates 167 cancer treatment centers across the U.S. and Latin America, filed for bankruptcy protection in May 2017. The company said it fell into bankruptcy due to costs associated with litigation, legal settlements and complying with electronic records regulations, as well as declining revenue per treatment.
The owners, including certain funds and accounts managed by J.P. Morgan Investment Management, Beach Point Capital Management, Governors Lane, Morgan Investment Management, Oaktree Capital Management, Roystone Capital Management and HPS Investment Partners, are providing 21st Century Oncology with working capital.
The company's new governing board appointed Kimberly Commins-Tzoumakas as interim CEO. She has served an adviser to the board and as 21st Century Oncology's general counsel since November 2014.
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