--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-24-025866" form_type: "8-K" ticker: null cik: "0001776197" company_name: "AKUMIN INC." filed_at: "2024-02-07T23:59:59+00:00" generated_at: "2026-06-06T07:10:09.802503+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 0.85 calibrated_materiality_score: 0.85 confidence: "high" source: SEC EDGAR --- # Akumin emerges from Chapter 11; Stonepeak becomes 100% owner, old equity cancelled ## Summary - Plan effective Feb 6, 2024; all existing common stock cancelled, Stonepeak now 100% owner of reorganized company. - Issued $436.2M New 2027 Notes at 8% cash interest (step-up to 9% PIK option after Nov 2025) and $354.6M New 2028 Notes at 8% cash. - Entered $55M revolving credit facility (New RCF Exit Facility) with PNC Bank; matures 2 years from Effective Date. - Prior $55M RCF, $400M+$75M 2025 notes, $375M 2028 notes, and $357M Stonepeak PIK note cancelled under Plan. - Company to file Form 15 to suspend SEC reporting; new board appointed: Graham Brown, James Wyper, Bill Theofilou. ## SEC filing metadata - accession: 0001193125-24-025866 - form_type: 8-K - cik: 0001776197 - company_name: AKUMIN INC. - filed_at: 2024-02-07T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 0.85 - calibrated_materiality_score: 0.85 - confidence: high - sec_items: 1.01, 1.02, 1.03, 2.03, 3.02, 3.03, 5.01, 5.02, 5.03, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1776197/000119312524025866/0001193125-24-025866-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1776197/000119312524025866/d31963d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-24-025866 - JSON: https://secwatch.observer/filing/0001193125-24-025866.json - Plain text: https://secwatch.observer/filing/0001193125-24-025866.txt ## Key facts - Debt Financings AKUMIN INC. incurred senior notes of $436.222 million at 8% per annum maturing August 1, 2027. - Instrument: senior notes - Principal: $436.222 million - Rate: 8% per annum - Maturity: August 1, 2027 - Event: incurrence source text: On the Effective Date, certain holders of the Prepetition 2025 Senior Notes (as defined below) received new senior secured notes due 2027 (the “New 2027 Notes”) in an aggregate initial principal amount of $436.222 million issued by the Company and governed by that certain Indenture, dated February 6, 2024 by and among the Company, as issuer, the guarantors party thereto, as guarantors, and UMB Bank, National Association, as trustee and collateral agent (the “Trustee”), in respect of the issuance of the $436.222 million of aggregate principal amount of notes (the “New 2027 Notes Indenture”). evidence_url: https://www.sec.gov/Archives/edgar/data/1776197/000119312524025866/0001193125-24-025866-index.htm - Debt Financings AKUMIN INC. incurred revolving credit of $55 million with PNC Bank, National Association maturing two-year extension of the maturity date under the 2020 Revolving Credit Agreement. - Instrument: revolving credit - Principal: $55 million - Counterparty: PNC Bank, National Association - Maturity: two-year extension of the maturity date under the 2020 Revolving Credit Agreement - Event: incurrence source text: On the Effective Date, the Company, as borrower, the guarantors party thereto, as guarantors, the lenders party thereto, as lenders, and PNC Bank, National Association, as administrative and collateral agent (the “Agent”), entered into a certain Revolving Credit Agreement (the “New RCF Exit Facility Agreement”) which is comprised of a revolving credit facility in an aggregate principal amount of $55 million (the “New RCF Exit Facility”). evidence_url: https://www.sec.gov/Archives/edgar/data/1776197/000119312524025866/0001193125-24-025866-index.htm - Debt Financings AKUMIN INC. incurred senior notes of $354.583 million at 8% per annum maturing August 1, 2028. - Instrument: senior notes - Principal: $354.583 million - Rate: 8% per annum - Maturity: August 1, 2028 - Event: incurrence source text: On the Effective Date, certain holders of the Prepetition 2028 Senior Notes (as defined below) received new senior secured notes due 2028 (the “New 2028 Notes”) in an aggregate initial principal amount of $354.583 million issued by the Company and governed by that certain Indenture, dated February 6, 2024 by and among the Company, as issuer, the guarantors party thereto, as guarantors, and the Trustee, as trustee and collateral agent, in respect of the issuance of the $354.583 million of aggregate principal amount of notes (the “New 2028 Notes Indenture”). evidence_url: https://www.sec.gov/Archives/edgar/data/1776197/000119312524025866/0001193125-24-025866-index.htm - Distress & Bankruptcy AKUMIN INC. entered chapter 11 in Bankruptcy Court (petition 2023-11-30). - Proceeding: chapter 11 - Court: Bankruptcy Court - Petition: 2023-11-30 source text: As set forth above, on November 30, 2023, the Bankruptcy Court entered the Confirmation Order, which confirmed the Prepackaged Plan. evidence_url: https://www.sec.gov/Archives/edgar/data/1776197/000119312524025866/0001193125-24-025866-index.htm - Executive change Graham Brown was appointed as Director at AKUMIN INC.. - Action: appointed - Role: Director source text: Graham Brown, James Wyper, and Bill Theofilou have been appointed to the Board. evidence_url: https://www.sec.gov/Archives/edgar/data/1776197/000119312524025866/0001193125-24-025866-index.htm - Executive change Bill Theofilou was appointed as Director at AKUMIN INC.. - Action: appointed - Role: Director source text: Graham Brown, James Wyper, and Bill Theofilou have been appointed to the Board. evidence_url: https://www.sec.gov/Archives/edgar/data/1776197/000119312524025866/0001193125-24-025866-index.htm - Executive change James Wyper was appointed as Director at AKUMIN INC.. - Action: appointed - Role: Director source text: Graham Brown, James Wyper, and Bill Theofilou have been appointed to the Board. evidence_url: https://www.sec.gov/Archives/edgar/data/1776197/000119312524025866/0001193125-24-025866-index.htm - M&A Transactions AKUMIN INC. underwent a change of control involving Stonepeak Magnet Holdings LP. - Action: change of control - Counterparty: Stonepeak Magnet Holdings LP source text: (ii) Stonepeak Magnet Holdings LP, a Delaware limited partnership (“Stonepeak”); (iii) certain Consenting 2025 Noteholders (as defined in the RSA); (iv) certain Consenting 2028 Noteholders (as defined in the RSA) (together with the Consenting 2025 Noteholders, the “Consenting Noteholders”); (v) certain Consenting RCF Lenders (as defined in the RSA); (vi) certain Consenting Equityholders (as defined in the RSA); (vii) certain Consenting Non-Debtor Hospital Partner Entities (as defined in the RSA); and (viii) certain Consenting Physician-Owned Entities (as defined in the RSA, and collectively with Stonepeak, the Consenting Noteholders, the Consenting RCF Lenders, the Consenting Equityholders and the Consenting Non-Debtor Partner Entities, the “Consenting Stakeholders”). evidence_url: https://www.sec.gov/Archives/edgar/data/1776197/000119312524025866/0001193125-24-025866-index.htm - Material Agreements AKUMIN INC. entered into Contingent Value Rights Agreement with Continental Stock Transfer & Trust valued at Contingent value rights providing holders right to receive contingent cash payments (effective 2024-02-06). - Action: entry - Counterparty: Continental Stock Transfer & Trust - Value: Contingent value rights providing holders right to receive contingent cash payments - Effective: 2024-02-06 source text: On the Effective Date, pursuant to the Prepackaged Plan, the Company entered into a certain Contingent Value Rights Agreement, dated as of February 6, 2024, by and among the Company, Stonepeak, and Continental Stock Transfer & Trust, a federally chartered trust company (the "CVR Agent"), as agent (the "CVR Agreement"). evidence_url: https://www.sec.gov/Archives/edgar/data/1776197/000119312524025866/0001193125-24-025866-index.htm - Material Agreements AKUMIN INC. entered into New RCF Exit Facility Agreement with PNC Bank, National Association valued at $55,000,000 revolving credit facility; two-year maturity extension (effective 2024-02-06). - Action: entry - Agreement: credit facility - Counterparty: PNC Bank, National Association - Value: $55,000,000 revolving credit facility; two-year maturity extension - Effective: 2024-02-06 source text: On the Effective Date, the Company, as borrower, the guarantors party thereto, as guarantors, the lenders party thereto, as lenders, and PNC Bank, National Association, as administrative and collateral agent (the "Agent"), entered into a certain Revolving Credit Agreement (the "New RCF Exit Facility Agreement") which is comprised of a revolving credit facility in an aggregate principal amount of $55 million (the "New RCF Exit Facility"). evidence_url: https://www.sec.gov/Archives/edgar/data/1776197/000119312524025866/0001193125-24-025866-index.htm - Material Agreements AKUMIN INC. entered into New 2028 Notes Indenture with UMB Bank, National Association valued at $354,583,000 aggregate initial principal amount; 8% interest per annum, payable in cash (effective 2024-02-06). - Action: entry - Agreement: notes offering - Counterparty: UMB Bank, National Association - Value: $354,583,000 aggregate initial principal amount; 8% interest per annum, payable in cash - Effective: 2024-02-06 source text: On the Effective Date, certain holders of the Prepetition 2028 Senior Notes (as defined below) received new senior secured notes due 2028 (the "New 2028 Notes") in an aggregate initial principal amount of $354.583 million issued by the Company and governed by that certain Indenture, dated February 6, 2024 by and among the Company, as issuer, the guarantors party thereto, as guarantors, and the Trustee, as trustee and collateral agent, in respect of the issuance of the $354.583 million of aggregate principal amount of notes (the "New 2028 Notes Indenture"). evidence_url: https://www.sec.gov/Archives/edgar/data/1776197/000119312524025866/0001193125-24-025866-index.htm - Material Agreements AKUMIN INC. terminated Equity Interests Agreements with Stonepeak valued at All agreements, instruments, and other documents evidencing, relating to or connected with any equit (effective 2024-02-06). - Action: termination - Counterparty: Stonepeak - Value: All agreements, instruments, and other documents evidencing, relating to or connected with any equit - Effective: 2024-02-06 source text: On the Effective Date, by operation of the Prepackaged Plan, all agreements, instruments, and other documents evidencing, relating to or connected with any equity interests of the Company, including the evidence_url: https://www.sec.gov/Archives/edgar/data/1776197/000119312524025866/0001193125-24-025866-index.htm - Material Agreements AKUMIN INC. entered into New 2027 Notes Indenture with UMB Bank, National Association valued at $436,222,000 aggregate initial principal amount; 8% interest per annum, payable in cash through Nove (effective 2024-02-06). - Action: entry - Agreement: notes offering - Counterparty: UMB Bank, National Association - Value: $436,222,000 aggregate initial principal amount; 8% interest per annum, payable in cash through Nove - Effective: 2024-02-06 source text: On the Effective Date, certain holders of the Prepetition 2025 Senior Notes (as defined below) received new senior secured notes due 2027 (the "New 2027 Notes") in an aggregate initial principal amount of $436.222 million issued by the Company and governed by that certain Indenture, dated February 6, 2024 by and among the Company, as issuer, the guarantors party thereto, as guarantors, and UMB Bank, National Association, as trustee and collateral agent (the "Trustee"), in respect of the issuance of the $436.222 million of aggregate principal amount of notes (the "New 2027 Notes Indenture"). evidence_url: https://www.sec.gov/Archives/edgar/data/1776197/000119312524025866/0001193125-24-025866-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.