The Seattle Cancer Care Alliance Proton Therapy Center's plan cements a $135 million loss for lenders who advanced money to build the high-tech treatment center.
A Seattle bankruptcy judge Tuesday confirmed the financial restructuring plan put forward last month by the Seattle Cancer Care Alliance Proton Therapy Center, cementing a $135 million loss for lenders who advanced money to build the high-tech treatment center.
The prenegotiated Chapter 11 plan called for those lenders, a consortium of banks led by BNP Paribas Fortis, to be paid $25 million and write off the remainder of the $160 million debt.
The plan was approved a day earlier than previously scheduled because all the creditors had signed off and federal courts will be closed Wednesday.
To complete its refinancing, the not-for-profit entity that owns the SCCA proton center still needs to sell about $40 million in municipal bonds through a Wisconsin debt-issuing authority. Proton center president and CEO Annika Andrews said she’s confident that will be done early in 2019.