GenesisCare Files Bankruptcy With Plans to Sell US Business (1)

GenesisCare, an Australia-based operator of cancer treatment centers, filed for bankruptcy and will attempt to sell its struggling US operations.

The health-care provider said in a statement that it filed a Chapter 11 petition in Texas and secured commitments for $200 million of financing to help the company fund itself in bankruptcy. The filing allows the business to keep operating while it works out a plan to repay its debts.

GenesisCare also plans to explore the separation of its US business from operations in Australia, Spain and the UK. While the company’s business in Australia and the UK is growing, ...