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Radiation Therapy Services Signs Agreement to Acquire OnCure Holdings

June 25, 2013, 07:15 AM
Filed Under: Bankruptcy

Radiation Therapy Services Holdings announced that its wholly owned subsidiary, Radiation Therapy Services Inc., entered into a "stalking horse" investment agreement to acquire OnCure Holdings, Inc. (together with its subsidiaries, "OnCure") upon effectiveness of its plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code for approximately $125 million, including $42.5 million in cash (plus covering certain expenses and subject to working capital adjustments) and up to $82.5 million in assumed debt. In addition, OnCure's secured noteholders have executed a restructuring support agreement outlining their commitment to support the transaction.

The investment agreement constitutes a lead or "stalking horse" bid in a sale process being conducted in conjunction with OnCure's reorganization. As such, the acquisition of OnCure by RTSI remains subject to approval by the United States Bankruptcy Court for the District of Delaware and a subsequent auction process in which other interested buyers may submit competing bids for OnCure. Completion of the transaction, which is expected to occur prior to the end of October 2013, remains subject to competing offers, approval by the United States Bankruptcy Court, and customary closing conditions.

Millstein & Co., Kirkland & Ellis LLP, Alvarez & Marsal and Deloitte advised Radiation Therapy in connection with the transaction.

OnCure operates radiation oncology treatment centers for cancer patients.

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