The collapsed cancer services group will likely split its US assets ahead of a sale.
GenesisCare’s troubled business in the United States, which collapsed into bankruptcy in June, is performing better than expected, helped by cost-cutting ahead of a sales process that will involve splitting its assets.
But GenesisCare has told shareholders that record patient volumes in its Australian business – once considered to be the group’s most profitable – won’t offset the impact of ending its troubled payments system, EasyPay.revealed in June that, ahead of entering US bankruptcy protection, the company told Australian health officials that it had
The Radiation Therapy Advisory Group, an industry group, said that excluding GenesisCare, “industry providers are compliant in line with the billing commitments made in each individual application [to the Health Department]″. The group said it was working with the health officials to ensure “the ongoing sustainability of the program” as “a regular part of long-standing conversation with government”.
Lenders including Oaktree Capital and Bain Capital and executives including David Young and Tino La Spina met doctors in GenesisCare’s Australian business last month, and then flew to meet doctors in Europe. But doctor shareholders – who had the value of their equity wiped – have not been given an estimate of the value that will be ascribed to the local operations, or what percentage of the business they can expect to own.
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