GenesisCare Wins Court Approval of Bankruptcy Exit Plan

Genesis Care Pty Ltd., an operator of cancer treatment centers, won court approval of a restructuring plan that cuts more than $1.5 billion of debt, approves the sale of unprofitable US clinics and hands control of its international business to lenders.

• Judge Marvin Isgur said late Tuesday during a hearing in Texas that he’d confirm GenesisCare’s Chapter 11 reorganization plan
  • Under the proposal, lenders that funded GenesisCare’s bankruptcy can exchange debt they’re owed for new equity in the company’s reorganized business focusing on operating in Australia, the UK and Spain
• A GenesisCare lawyer said the company will either sell ...