Thu 05/18/2023 16:35 PM
Global oncology services provider GenesisCare is preparing to file for chapter 11 after being close to running out of liquidity. Sponsor KKR, which owns a 31% stake in the group, is planning to hand over the keys. China Resources Holding, which owns 36% and is a passive investor, is expected to follow suit, which means lenders are set to take control of the company, sources said.
The group’s cash balance fell to $32.4 million at the end of the third quarter ending March 31, from $54 million...
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