Akumin secures approval of bid procedures; auction set for Nov. 13

By Sarah Lizee

Olympia, Wash., Oct. 27 – Akumin Inc. received approval of the bid procedures for its assets, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, the company announced that it has reached an agreement with Stonepeak, an alternative investment firm specializing in infrastructure and real assets, and the company's stakeholders on the terms of a financial restructuring aimed at improving Akumin’s balance sheet and providing ample liquidity.

The pre-packaged plan provides a pivot to a potential sale transaction and allows the debtors to run a sale process concurrently with the reorganization process.

The company said this will allow it to determine through a market check if a higher and better transaction exists as an alternative to the reorganization transaction.

The bid deadline is 6 p.m. ET on Nov. 10, an auction is scheduled for Nov. 13, and a confirmation and sale hearing is set for Nov. 29.

Akumin is a Plantation, Fla.-based outpatient diagnostic imaging services provider. The company filed bankruptcy on Oct. 22 under Chapter 11 case number 23-90827.

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