Georgia ProtonCare Center (GPCC) has entered into an asset purchase agreement with Emory University, by and on behalf of Emory University Hospital Midtown, to purchase the center's assets and assume certain liabilities.
GPCC’s main asset is a proton therapy cancer treatment center located in Midtown, Atlanta. Emory clinicians provide the day-to-day care and treatment for patients at the facility.
GPCC filed a voluntary petition to commence a Chapter 11 proceeding in the U.S. Bankruptcy Court for the Northern District of Georgia. It did this to "ensure seamless continuation of care for patients, facilitate an orderly sale process, and maximize the value of the company’s assets."
The proposed sale will be conducted through a court-supervised process under Section 363 of the U.S. Bankruptcy Code. In accordance with this process, GPCC will solicit competing bids from interested parties, with the goal of completing the sale process in the second quarter of 2026.
The company has also appointed Darryl Myers from the Turnaround and Restructuring Services practice at BDO Consulting Group as Chief Restructuring Officer.
GPCC will continue operations as usual while it works to complete the sale. The center has filed motions with the court seeking to ensure the continuation of normal operations, including treating and caring for patients, paying employees and vendors, and other core business expenses.
Subject to court approval, GPCC will fund its continued operations through the use of the cash collateral of its bondholders.
