GenesisCare Completes Reorganisation and Emerges from Chapter 11 – Jonathan Foster was Chairman and Sole Member of the Special Committee

Sydney, Australia, February 16, 2024 – GenesisCare (or the “Company”), one of the world’s largest private providers of integrated cancer care, today announced that it has successfully completed its reorganisation process and emerged from Chapter 11. This follows the confirmation of its Chapter 11 Plan of Reorganisation by the U.S. Bankruptcy Court for the Southern District of Texas and satisfaction of necessary conditions.

The Company has delivered on the key goals it set out as part of the restructuring, including a substantial reset of its balance sheet, uninterrupted high-quality patient care, refocusing the business on the national markets it serves and separating its U.S. operations from its businesses in the rest of the world. The reorganised company now moves forward strongly capitalised and with a low level of debt relative to industry peers that will allow for renewed investment in high-quality patient care, starting with the planned completion of three new radiation oncology centres in Australia in 2024.

Outside of the U.S., GenesisCare now consists of three distinct businesses: GenesisCare Australia, GenesisCare UK, and GenesisCare Spain. The Company’s new owners will retain certain operations in the U.S. as a separate investment. Each business will have its own governance structures, including a separate Board of Directors, and be responsible for its own strategy, business priorities, and performance.

The Company has received US$56 million (AU$86 million) in new money financing from its new owners to ensure each of its independent businesses is well capitalised and to support investment in the growth of its integrated oncology centres.

“GenesisCare has achieved the goals it set out at the beginning of its restructuring process,” said David Young, GenesisCare’s Group Chief Executive Officer. “We exit Chapter 11 with great businesses, each with a compelling future. None of what we have achieved would be possible without the dedication of GenesisCare’s doctors and teammates around the world and the ongoing support of our partners. I am confident that our independently run businesses are strongly positioned to capture the exciting opportunities available to them in the markets they serve, while never losing sight of our core goal: delivering better life outcomes to patients.”

In Australia, GenesisCare continues to provide care for more than 30,000 patients annually and has recorded year-on-year growth in treatment volumes despite being in Chapter 11. It remains Australia’s largest private provider of radiation oncology.

GenesisCare has also experienced year-on-year growth in the UK and Spain and continues to invest in treatment options and partnerships that aim to provide the highest quality care for patients.

GenesisCare has also made significant progress in streamlining its U.S. footprint to consist only of its practices in the fast-growing markets of Florida and North Carolina. Any residual sales will be closed in the coming weeks.

During its restructuring, GenesisCare was advised by PJT Partners as investment banker, Alvarez & Marsal as restructuring advisor, and Kirkland & Ellis LLP, Herbert Smith Freehills, and Jackson Walker LLP as legal counsel. The ad hoc group of Lenders was advised by Houlihan Lokey, Akin Gump Strauss Hauer & Feld LLP and Arnold Bloch Leibler.

Court filings and information about the Chapter 11 Cases are available on a separate website ( administered by GenesisCare’s claims agent, Kroll. Information is also available by calling +1 (833) 744-6948 (U.S./Canada Toll-Free), +61 (2) 9925 4385 (Australia), +44 (20) 45198440 (UK) and +1 (646) 440-4836 (International).

About GenesisCare

One of the world’s largest integrated oncology networks, GenesisCare includes 300+ locations in the U.S., the UK, Australia, and Spain. With investments in advanced technology and expanded access to clinical trials, more than 5,500 highly trained GenesisCare physicians and support staff offer comprehensive, coordinated care in radiation oncology, medical oncology, hematology, urology, diagnostics, and surgical oncology.

For more information, visit

About Current Capital Partners

Current Capital Partners LLC is an independent advisory and merchant banking firm focused primarily on the industrial and services sectors. We provide mergers and acquisitions advisory services, corporate management services, and private equity investing. The mergers and acquisitions advisory effort offers high-quality financial advisory services – including actionable ideas, buy-side and sell-side execution, strategic and capital structure reviews, restructuring advisory and related services – for corporate and investment firm clients seeking industry expertise, an independent perspective and senior attention. In our management services effort, we manage investments, provide restructuring advice, sit on Boards of Directors and provide related consulting services for other investors and financial institutions; and offer advice and expert witness services in complex corporate litigation. Our private equity investing business helps create value, primarily in lower middle market and smaller companies, with an integrated operating, finance and investment approach. Our Advisory Board and Executive Network are important advantages for our clients. Learn more at


Jonathan F. Foster
Managing Director
Telephone: +1 212 223 0618