San Diego-based California Proton Treatment Center, LLC, a provider of proton radiation treatment services to patients with cancerous solid tumors, has filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the District of Delaware (Case No. 17-10477). The petition lists between $100 million and $500 million in both assets and liabilities. According to the First Day Declaration, the Debtor has not operated on a “profitable or even a break-even basis” since its opening in 2014 and is currently facing an “acute shortage of operating capital.” Unable to obtain further financing, the Debtor intends to sell substantially all of its assets through a § 363 sale, but does not have a pre-arranged stalking horse. The Debtor has secured first priority and priming postpetition financing in the form of a multiple-draw term loan facility. The case has been assigned to the Honorable Laurie Selber Silverstein.
Contact Norman L. Pernick and Nicholas J. Brannick for more information.