GenesisCare may restructure following Dan Collins’ departure

GenesisCare is the world’s largest provider of radiotherapy.

Dan Collins’ departure as managing director of GenesisCare could move things along for a restructure of the business. Mr Collins founded the business in 2005 and has grown it from one practice in Brisbane to 440 across four countries.

Mr Collins owns shares in the business, which means he has interests that would not necessarily be aligned to the owners of the company.

Last year, GenesisCare had between $1.5bn and $2bn worth of debt and its troubled US operation means some believe a restructure is inevitable. GenesisCare is the world’s largest provider of radiotherapy. It also provides patients with access to diagnostics, oncology and novel therapies alongside clinical trials.

As reported by DataRoom last week, some lenders are keen to sell GenesisCare’s Australian operation to settle debts and restructure the US business.

But Kohlberg Kravis Roberts, which is an owner along with China Resources, is believed to be keen to keep the business and could buy out the lenders.

The situation needs to come to a head before November 2024 when the group’s debt is due.