Georgia ProtonCare Center, Inc. closed its chapter 11 sale of substantially all assets to Emory University (on behalf of Emory University Hospital Midtown) on June 30, 2026, converting a five-month bond-restructuring case into a Section 363 going-concern transaction that preserves the only proton therapy cancer treatment center in Georgia. The Notice of Sale ClosingDkt. 157 confirms the assets transferred free and clear of liens, claims, and encumbrances, with key executory contracts—including the Varian Medical Systems and Siemens Medical Solutions agreements—assumed and assigned to the buyer.
The case opened with the debtor's voluntary Chapter 11 petitionDkt. 1 filed January 22, 2026 in the Northern District of Georgia (Case No. 26-50882-JWC, Judge Jeffery W. Cavender). Georgia ProtonCare is a 501(c)(3) nonprofit with Provident Resources Group as sole member, operating a 107,500-square-foot, five-treatment-room facility in Midtown Atlanta under a management agreement with Emory Healthcare. Per the first-day affidavitDkt. 14, the filing followed patient-treatment revenues insufficient to service approximately $450.2 million of bond debt—$242.7 million of first-lien Senior Bonds and $207.5 million of subordinated bonds, both issued under a 2017 indenture and administered by UMB Bank, N.A. as successor bond trustee—compounded by CMS and commercial reimbursement pressure and the missed January 2025 bond payments.
Postpetition liquidity ran on cash-collateral-only authority rather than a DIP facility, with the debtor securing adequate protection for UMB as bond trustee and operating through interim management provided by BDO Consulting. The restructuring path centered on a Section 363 sale rather than a negotiated plan, with Emory University serving as stalking horse bidder and investment banker SOLIC Capital Advisors marketing the asset to roughly 75 potential buyers before the auction was cancelled and the stalking horse bid carried forward. The captured the pre-closing operating posture, showing a net deficit of roughly $391.9 million on $593.1 million of liabilities against $201.2 million of assets and a $2.4 million monthly net loss.
With the sale now closed, the case enters its administrative wind-down, with professional-compensation hearings as the principal near-term milestones: the Polsinelli PC interim fee applicationDkt. 152 seeking $522,845 in fees is set for July 16, 2026, and the SOLIC Capital Advisors first-and-final fee applicationDkt. 156 requesting $379,677.73 is set for July 23, 2026.
