AKUMIN INC.: going-concern / distress — Akumin OKs $130M DIP financing, confirms prepackaged plan, stock delisted to OTC Pink

AKUMIN INC.

Bankruptcy Court authorized DIP facility increase from $75M to $130M from Stonepeak Magnet Holdings.
Company borrowed $10M on Nov 29 and $6M on Dec 4 under the DIP facility.
Prepackaged Chapter 11 plan confirmed on Nov 30; existing common stock canceled in exchange for cash contribution and CVRs.
Common stock delisted from Nasdaq on Nov 30; now trades on OTC Pink under symbol AKUMQ.
Series A note holders to receive 100% of new common stock of reorganized parent, subject to dilution.

item 1.03 item 2.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

AKUMIN INC. incurred credit facility of up to $16 million with Stonepeak at 8.00% per annum payable in kind.

Instrument: credit facility
Principal: up to $16 million
Counterparty: Stonepeak
Rate: 8.00% per annum payable in kind
Event: incurrence

Exact text from the filing

The information set forth in Item 1.03 of this Current Report on Form 8-K under the captions “Amendment to Debtor-in-Possession Financing” and “Notices of Borrowing of $16 million in Debtor-in-Possession Financing from Stonepeak” is incorporated by reference into this Item 2.03. Under the terms of the Amended DIP Term Sheet, the DIP Facility Loans accrue

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Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

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

Exact text from the filing

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 Bankruptcy Court on October 22, 2023

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41 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001193125-23-289219

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