Health care giant files for bankruptcy

FORT MYERS — 21st Century Oncology Holdings Inc., one of the largest global providers of integrated cancer care, has filed for Chapter 11 bankruptcy.

The move is part of a debt restructuring to reduce the company's long-term net debt by more than $500 million, including a new cash equity infusion of $75 million from a group of investors. The firm, in a statement, says the debt restructuring will improve its financial flexibility and enhance its work with its physician and hospital partners.

Paul Rundell, 21st Century Oncology interim CEO, says the company is “fundamentally strong” and a profitable business, but adds: “We simply have too much debt given the size of the business.”