Akumin seeks approval to lift DIP financing to $130 million

By Sarah Lizee

Olympia, Wash., Nov. 21 – Akumin Inc. is seeking approval to lift its existing $75 million debtor-in-possession facility to $130 million, according to a motion filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company said DIP lender Stonepeak supports the increase.

The junior secured DIP facility has a 60-day maturity and bears interest at 8% per annum, payable in kind.

The company has drawn the full amount under the existing facility.

Akumin said the amended facility will insure that the debtors will have adequate funds to meet their cash flow needs prior to the plan’s effective date, including with respect to any liquidity low points.

“The incremental DIP facility commitment ensures that the debtors will be able to continue satisfying ongoing expenses and obligations, including their funded debt commitments, especially as the debtors continue evaluating and addressing any effects from the cyberattack that was identified on Oct. 11,” the company said in the motion.

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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