--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-23-260391" form_type: "8-K" ticker: null cik: "0001776197" company_name: "AKUMIN INC." filed_at: "2023-10-23T23:59:59+00:00" generated_at: "2026-06-09T17:01:42.689570+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 1.0 calibrated_materiality_score: 1.0 confidence: "high" source: SEC EDGAR --- # Akumin Inc. files Chapter 11 bankruptcy; intends prepackaged restructuring ## Summary - Filed voluntary Chapter 11 petitions in Southern District of Texas on Oct 22, 2023. - Debt obligations accelerated: $55M revolver, $475M notes, $375M notes, $340M PIK note. - Prepackaged plan of reorganization attached to Restructuring Support Agreement dated Oct 20, 2023. - Company cautions common stock (AKU) trading is highly speculative with likely little recovery. - Seeks court approval of first-day motions to continue ordinary-course operations. ## SEC filing metadata - accession: 0001193125-23-260391 - form_type: 8-K - cik: 0001776197 - company_name: AKUMIN INC. - filed_at: 2023-10-23T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 1.0 - calibrated_materiality_score: 1.0 - confidence: high - sec_items: 1.03, 2.04, 8.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1776197/000119312523260391/0001193125-23-260391-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1776197/000119312523260391/d559087d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-23-260391 - JSON: https://secwatch.observer/filing/0001193125-23-260391.json - Plain text: https://secwatch.observer/filing/0001193125-23-260391.txt ## Key facts - Debt Financings AKUMIN INC. reported a default on credit facility of $55 million with PNC Bank, National Association, as successor to BBVA USA, as administrative agent and collateral agent. - Instrument: credit facility - Principal: $55 million - Counterparty: PNC Bank, National Association, as successor to BBVA USA, as administrative agent and collateral agent - Event: default source text: administrative agent and collateral agent, and the lenders from time to time party thereto, which is comprised of a revolving credit facility in an aggregate principal amount of $55 million; • that certain Indenture dated November 2, 2020, as supplemented by that certain First Supplemental Indenture, dated as of February 11, 2021, Second Supplemental Indenture, evidence_url: https://www.sec.gov/Archives/edgar/data/1776197/000119312523260391/0001193125-23-260391-index.htm - Debt Financings AKUMIN INC. reported a default on senior notes of $375 million with UMB Bank, National Association, as trustee and collateral agent. - Instrument: senior notes - Principal: $375 million - Counterparty: UMB Bank, National Association, as trustee and collateral agent - Event: default source text: were assumed by the Company), as issuer, the Guarantors, as guarantors, and UMB Bank, National Association, as trustee and collateral agent in respect of the issuance of $375 million of aggregate principal amount of notes; and • that certain PIK Toggle Series A Note dated September 1, 2021 (as amended, restated, supplemented, or otherwise modified from time evidence_url: https://www.sec.gov/Archives/edgar/data/1776197/000119312523260391/0001193125-23-260391-index.htm - Debt Financings AKUMIN INC. reported a default on loan of $340 million with Stonepeak Magnet Holdings LP. - Instrument: loan - Principal: $340 million - Counterparty: Stonepeak Magnet Holdings LP - Event: default source text: modified from time to time), issued by Akumin Operating Corp., a wholly owned subsidiary of the Company, to Stonepeak Magnet Holdings LP in the initial principal amount of $340 million. 1 The Debt Instruments provide that, as a result of the Chapter 11 Cases, the principal and interest due thereunder shall be immediately due and payable without notice from the evidence_url: https://www.sec.gov/Archives/edgar/data/1776197/000119312523260391/0001193125-23-260391-index.htm - Debt Financings AKUMIN INC. reported a default on senior notes of $475 million with UMB Bank, National Association, as trustee and collateral agent. - Instrument: senior notes - Principal: $475 million - Counterparty: UMB Bank, National Association, as trustee and collateral agent - Event: default source text: to time), by and among the Company, as issuer, the Guarantors, as guarantors, and UMB Bank, National Association, as trustee and collateral agent in respect of the issuance of $475 million of aggregate principal amount of notes; • that certain Indenture dated August 9, 2021, as supplemented by that certain First Supplemental Indenture, dated as of September 1, 2021 evidence_url: https://www.sec.gov/Archives/edgar/data/1776197/000119312523260391/0001193125-23-260391-index.htm - Distress & Bankruptcy AKUMIN INC. entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2023-10-22). - Proceeding: chapter 11 - Court: United States Bankruptcy Court for the Southern District of Texas - Petition: 2023-10-22 source text: On October 22, 2023, the Company and certain of its affiliates (collectively, the "Debtors") filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101-1532 (the "Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court"), thereby commencing chapter 11 cases for the Debtors (the "Chapter 11 Cases"). evidence_url: https://www.sec.gov/Archives/edgar/data/1776197/000119312523260391/0001193125-23-260391-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.