Cancer care business GenesisCare has promised to step up asset sales in a bid to pay down debt and provide some much-needed breathing space from lenders.
Cancer care business GenesisCare has promised to widen its asset sales to include venture capital style investments, in a bid to provide breathing space from lenders.Sources close to the company said GenesisCare was reviewing its minority venture capital investments and property assets – both logical places to start when trying to free up capital – and was likely to appoint advisers to test buyer appetite in the near term.
The company had property, plant and equipment worth $661 million on its balance sheet as at June 30 last year, and equity accounted investments worth $30 million. The mooted asset sales come as GenesisCare has been trying to find ways to free-up capital and pay down debt, in light of spiralling gearing levels. Gearing was reported to have hit 20 times earnings, before GenesisCare’s two big backers KKRGenesisCare has been in talks with lenders about its financial situation, promising asset sales and other measures to improve the company’s liquidity.
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