OnCure cancels auction; $126.5 million stalking horse bid successful

By Jim Witters

Wilmington, Del., Aug. 16 - OnCure Holdings, Inc. canceled an Aug. 19 auction for substantially all of its assets or all new capital stock under a Chapter 11 plan, leaving stalking horse Radiation Therapy Services, Inc. the successful bidder, according to documents filed Aug. 16 with the U.S. Bankruptcy Court for the District of Delaware.

Radiation Therapy agreed to acquire the new stock in the reorganized company in a transaction valued at $126.5 million, including $42.5 million in cash and the assumption of debt.

OnCure was prepared to accept offers for substantially all of its assets in lieu of the Radiation Therapy offer.

A hearing on the disclosure statement for OnCure's Chapter 11 plan of reorganization is scheduled for Aug. 21.

The plan confirmation hearing is scheduled for Oct. 3.

OnCure is an Englewood, Colo.-based provider of business management services and medical equipment to oncology physician groups that treat cancer patients. The company filed bankruptcy on June 14 under Chapter 11 case number 13-11540.

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