GenesisCare, a provider of cancer-care services backed by KKR, is preparing to file for bankruptcy within days, WSJ Pro Bankruptcy reported. The Australia-based company, which also operates in the U.S. and Europe, is in talks to receive roughly $200 million in new financing to see it through bankruptcy. GenesisCare is advised by lawyers from Kirkland & Ellis. China Resources Group is also an owner of the company. GenesisCare has been struggling under a debt load in part stemming from its $1.5 billion acquisition of 21st Century Oncology in 2020. Healthcare service provider 21st Century Oncology filed for bankruptcy in 2017, blaming changes in insurance reimbursement practices in addition to government penalties and settlements. It emerged from chapter 11 in 2019. Since October, S&P Global has cut GenesisCare’s credit ratings twice, each time pushing it one notch deeper into distressed territory, raising expectations that the company would default.
