ATLANTA–(BUSINESS WIRE)–Georgia ProtonCare Center Inc. (“GPCC” or “the Company”) announced today that it has entered into an asset purchase agreement with Emory University, by and on behalf of Emory University Hospital Midtown (“Emory”) to purchase substantially all of its assets plus the assumption of certain liabilities. GPCC’s main asset is a proton therapy cancer treatment center (the “Facility”) located in Midtown, Atlanta. Emory clinicians provide the day-to-day care and treatment for patients at the facility.
To ensure seamless continuation of care for patients, facilitate an orderly sale process, and maximize the value of the Company’s assets, GPCC filed a voluntary petition to commence a Chapter 11 proceeding in the United States Bankruptcy Court for the Northern District of Georgia. Emory is the “stalking horse” bidder.
The Company’s decision to file for Chapter 11 protection follows a lengthy review during which the Company explored a range of strategic options. The proposed sale will be conducted through a court-supervised process under Section 363 of the United States Bankruptcy Code. In accordance with the sale process, the Company will solicit competing bids from interested parties in an effort to achieve the highest and best value for the Company’s assets, which could lead to a competitive auction process. GPCC seeks to complete the sale process in the second quarter of 2026, with any sale subject to Court approval.
The Company has also appointed Darryl Myers from the Turnaround and Restructuring Services practice at BDO Consulting Group, LLC (“BDO”) as Chief Restructuring Officer. Mr. Myers, who has extensive experience leading financial and operational restructuring matters, noted: “GPCC’s management team and board have evaluated all of our strategic options and believe that this option is in the best interest of patients, the community, and other stakeholders. Our top priority is to ensure the uninterrupted treatment of cancer patients at the center. We are confident that Emory, if they are the ultimate acquirer, will be able to seamlessly continue serving our patients’ needs.”
GPCC will continue operations as usual while it works to complete the sale process, with Emory continuing to provide patient care at the facility. To enable this, the Company has filed motions with the court seeking to ensure the continuation of normal operations during this process, including treating and caring for patients, paying employees, vendors, and other core business expenses. Upon court approval, GPCC expects to minimize the impact of the Chapter 11 process on its patients, vendors, the community, and other key stakeholders.
Subject to court approval, GPCC will fund its continued operations through the use of the cash collateral of its bondholders, and UMB Bank as bond trustee (the “Bond Trustee”) has consented to such use.
GPCC is being advised by Polsinelli PC as legal counsel, BDO as financial advisor, and SOLIC Capital as the investment banker. The Bond Trustee is being advised by Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo, P.C. as legal counsel and Houlihan Lokey as investment banker.
Additional Information
Court filings and additional information related to the proceedings are available at https://dm.epiq11.com/GeorgiaProton. Creditors, potential bidders, and other parties in interest may contact the Company’s Chief Restructuring Officer Darryl Myers at [email protected] or the Company’s legal counsel David Gordon at [email protected]. For current patient questions relating to ongoing treatments, please contact your individual care provider. For any additional inquiries, including those related to Chapter 11 matters, please reach out to the Chief Restructuring Officer.
About GPCC
GPCC owns and operates the Facility, which is the sole proton therapy treatment center in the state of Georgia, and one of only 47 such facilities operating in the United States. Proton therapy provides pinpointed delivery of radiation to treat tumors requiring more targeted precision due to their location and proximity to other vital structures. Proton therapy can also be used to treat recurrent tumors and reduce side effects and long-term effects from radiation use. Use of proton therapy reduces and avoids radiation delivery to non-cancerous areas, which may help (i) reduce some side effects during the course of treatment and (ii) the risk of possible longer-term effects from treatment such as damage to the heart or lungs and secondary cancers. Proton therapy also reduces the risk of radiation side effects in children, whose growing bodies are the most at risk for such side effects. As a result, proton therapy is used to treat many types of cancer and non-cancerous tumors, such as abdominal tumors and cancers, brain and spine tumors, breast cancer, esophageal cancer, gynecologic cancer, head and neck cancer, lung cancer, lymphoma, pediatric cancer, pelvic tumors and cancers, prostate cancer, and sarcoma.
Contacts
Darryl Myers
Chief Restructuring Officer
[email protected]
