GenesisCare, Australia's leading cancer service provider, has emerged from bankruptcy protection.

The Brisbane-based firm, previously valued at $5 billion and backed by KKR, resolved its financial woes by addressing Medicare overcharges linked to its EasyPay system.

To address the broader challenges in the radiation oncology sector, the government is launching an independent review to reassess funding strategies, ensuring the sustainability of both public and private radiology services. 

This move aligns with the support GenesisCare's 31 clinics receive from the Radiation Oncology Health Program Grants Scheme.

Post-bankruptcy, GenesisCare has restructured into independent entities, securing a new lease on life with a financial boost from Oaktree Capital Management and partners through a debt-for-equity swap. 

This reorganisation includes a revised equity plan for doctors, increasing their stake to 15 percent, based on a $500 million valuation of the Australian operations.

More details are accessible here.