Vestar, CPPIB-backed 21st Century Oncology files for bankruptcy

21st Century Oncology Holdings Inc, a U.S. provider of integrated cancer care services, has agreed to a debt restructuring plan with its senior lenders and bondholders. The deal is expected to reduce the company's net debt by more than US$500 million and include US$75 million in debtor-in-possession (DIP) financing from a group of investors. 21st Century said it plans to implement the restructuring through a Chapter 11 process. 21st Century was acquired in 2008 by U.S. private equity firm Vestar Capital Partners. In 2014, Canada Pension Plan Investment Board invested US$325 million in the business.

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