Akumin cancels auction, eyes approval of reorganization under plan

By Sarah Lizee

Olympia, Wash., Nov. 13 – Akumin Inc. canceled an auction that was scheduled for Nov. 13 after receiving no qualified bids by the deadline, according to a notice filed with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, the company announced that it has reached an agreement with Stonepeak, an alternative investment firm specializing in infrastructure and real assets, and the company's stakeholders on the terms of a financial restructuring aimed at improving Akumin’s balance sheet and providing ample liquidity.

The pre-packaged plan provides a pivot to a potential sale transaction and allowed the debtors to run a sale process concurrently with the reorganization process.

The company said this would allow it to determine through a market check if a higher and better transaction exists as an alternative to the reorganization transaction.

The bid deadline was 6 p.m. ET on Nov. 10.

A plan confirmation and sale hearing is set for Nov. 29.

Akumin is a Plantation, Fla.-based outpatient diagnostic imaging services provider. The company filed bankruptcy on Oct. 22 under Chapter 11 case number 23-90827.

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