Capstone Partners’ Financial Advisory Services (FAS) group provides financial advisory and insolvency services to Provision Cares Proton Therapy Centers (Provision or the Company).
Based in Tennessee, Provision operates free-standing cancer treatment centers utilizing state of the art proton therapy and conventional radiation therapy on two campuses.
Proposed changes to reimbursement rates for radiation oncology procedures by the CMS, as well as the impact of the COVID-19 pandemic on center operations adversely affected Provision’s patient traffic thus jeopardizing its ability to service its outstanding municipal bonds.
In 2019, Capstone Partners’ FAS team was engaged to serve as a financial advisor to the Provision enterprise to perform an assessment of the situation, develop a restructuring strategy, spearhead performance improvement initiatives, and negotiate a plan with the company’s bondholders. To effect its strategic goals, Provision filed for Chapter 11 in late 2020 in order to seek a sale of its businesses and assets and/or restructure its debt. Capstone was formally engaged as the Debtors’ Financial Advisors and continues to fulfill a key daily role in the proceedings.
