Radiation Therapy to acquire bankrupt company

FORT MYERS - Fort Myers-based Radiation Therapy Services Inc. (RTSI) an operator of radiation therapy centers, announced a deal to acquire OnCure Holdings Inc. out of bankruptcy for $125 million, according to a news release.

Under the “stalking horse” investment agreement, Radiation Therapy agrees to pay up to $42.5 million in cash and assume up to $82.5 million of OnCure Holding's debt. The transaction is expected to close in October and will require approval by the U.S. Bankruptcy Court. As part of its Chapter 11 bankruptcy reorganization plan, OnCure is soliciting bids from other interested buyers as well.

Colorado-based OnCure runs radiation oncology centers for cancer patients. It provides service to 11 medical groups that treat patients at its 34 treatment centers located in California, Florida and Indiana.