GenesisCare has 31 clinics in Australia that have received relevant grants. It also identified the EasyPay fault.GenesisCare said it expected “industry providers will be treated equally” and “recent meetings with the department have been positive and constructive”.
In June, GenesisCare secured $US200 million through a debtor-in-possession financing facility led by Oaktree Capital Management, Bain Capital, Avenue Capital Group, Canyon Partners, and Challenger Investment Management. The company also confirmed shareholder equity is worth zero. Under Chapter 11 restructuring, the cancellation of shareholders’ existing equity in the business is required to reorganise the structure, which is subject to approval by creditors as well as by the US bankruptcy court.