Sidley successfully represented Stonepeak Infrastructure Partners (Stonepeak) in connection with the Chapter 11 cases of Akumin Inc. (Akumin), a leading national provider of outpatient radiology and oncology solutions. The restructuring transactions culminated in Stonepeak consummating a “loan to own” take-private transaction of the once publicly traded company and becoming the sole owner of the reorganized Akumin. In furtherance of going private, Akumin provided consideration to former public equity holders in the form of cash and contingent value rights. In addition to delisting from the Toronto Stock Exchange and Nasdaq, Akumin obtained novel approval from Canadian regulators to cease to be a reporting issuer and withdrew from its U.S. public reporting requirements. Through a prepackaged Chapter 11 bankruptcy case filed on October 22, 2023 in the U.S. Bankruptcy Court for the Southern District of Texas, Akumin deleveraged its approximately US$1.6 billion balance sheet by approximately US$600 million, including through a highly successful bespoke reverse Dutch election opportunity that enabled the company to buy back a portion of its existing notes at a discount. Upon emergence from the Chapter 11 process, Akumin stands significantly recapitalized through the contributions of Stonepeak, the issuance of new notes, and entry into a new revolving credit facility. The Sidley team representing Stonepeak includes Cliff Vrielink, Ryan Scofield, and George Vlahakos (M&A); Tom Califano and Anthony Grossi (Restructuring), Nick Schwartz and Mark Adler (Global Finance); Jon Zucker (Healthcare); Zack Pullin (Tax); John Kuster (Litigation); Kate Roberts (Labor, Employment and Immigration); Beatriz Azcuy (Real Estate); and Colleen Brown (Privacy and Cybersecurity). The team also includes Weiru Fang, Jason Hufendick, Ryan Fink, Maggie Alden, Michael Sabino, Nate Elner, Chelsea McManus, Veronica Courtney, Jake Landreth, and Daniela Rakowski (Restructuring); Shayona Schiely, Nicholas Prey, Dillyn Foy, Dimitris Fthenakis, and Shaobin Zheng (Global Finance); Samantha Seley, Tanner Groce, Courtney Luster, Amanda Patterson, Sean Nuernberger, Estella Serrano, John Walker, and Kelli McQuillan (M&A); Rina Mady, Meghan Weinberg, Francesca Ozinal, Kim Schroer, Gabrielle Feliciani, Sama Kahook, Taylor Andelman, Steve Komorek, and Josh Martin (Healthcare); Maureen Crough, Nicole Noëlliste, Jagdeep Singh, and Greta Carlson (Environmental); Andrew Smith and Ryan Kelly (Tax); Aimee Mackay and Katie Sreenan (Labor, Employment and Immigration); Edward Sharon (Antitrust/Competition); Ben Nager (Securities Enforcement/Regulatory); Connor Evans (Real Estate); John Skakun (Insurance); and Andrew Friedman (Investment Funds).~~Sidley successfully represented Stonepeak Infrastructure Partners (Stonepeak) in connection with the Chapter 11 cases of Akumin Inc. (Akumin), a leading national provider of outpatient radiology and oncology solutions. The restructuring transactions culminated in Stonepeak consummating a “loan to own” take-private transaction of the once publicly traded company and becoming the sole owner of the reorganized Akumin. In furtherance of going private, Akumin provided consideration to former public equity holders in the form of cash and contingent value rights. In addition to delisting from the Toronto Stock Exchange and Nasdaq, Akumin obtained novel approval from Canadian regulators to cease to be a reporting issuer and withdrew from its U.S. public reporting requirements. Through a prepackaged Chapter 11 bankruptcy case filed on October 22, 2023 in the U.S. Bankruptcy Court for the Southern District of Texas, Akumin deleveraged its approximately US$1.6 billion balance sheet by approximately US$600 million, including through a highly successful bespoke reverse Dutch election opportunity that enabled the company to buy back a portion of its existing notes at a discount. Upon emergence from the Chapter 11 process, Akumin stands significantly recapitalized through the contributions of Stonepeak, the issuance of new notes, and entry into a new revolving credit facility. The Sidley team representing Stonepeak includes Cliff Vrielink, Ryan Scofield, and George Vlahakos (M&A); Tom Califano and Anthony Grossi (Restructuring), Nick Schwartz and Mark Adler (Global Finance); Jon Zucker (Healthcare); Zack Pullin (Tax); John Kuster (Litigation); Kate Roberts (Labor, Employment and Immigration); Beatriz Azcuy (Real Estate); and Colleen Brown (Privacy and Cybersecurity). The team also includes Weiru Fang, Jason Hufendick, Ryan Fink, Maggie Alden, Michael Sabino, Nate Elner, Chelsea McManus, Veronica Courtney, Jake Landreth, and Daniela Rakowski (Restructuring); Shayona Schiely, Nicholas Prey, Dillyn Foy, Dimitris Fthenakis, and Shaobin Zheng (Global Finance); Samantha Seley, Tanner Groce, Courtney Luster, Amanda Patterson, Sean Nuernberger, Estella Serrano, John Walker, and Kelli McQuillan (M&A); Rina Mady, Meghan Weinberg, Francesca Ozinal, Kim Schroer, Gabrielle Feliciani, Sama Kahook, Taylor Andelman, Steve Komorek, and Josh Martin (Healthcare); Maureen Crough, Nicole Noëlliste, Jagdeep Singh, and Greta Carlson (Environmental); Andrew Smith and Ryan Kelly (Tax); Aimee Mackay and Katie Sreenan (Labor, Employment and Immigration); Edward Sharon (Antitrust/Competition); Ben Nager (Securities Enforcement/Regulatory); Connor Evans (Real Estate); John Skakun (Insurance); and Andrew Friedman (Investment Funds).