The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of certain assets OR substantially all the assets of Akumin Inc. on October 27, 2023. The Court approved sale of assets to the winning bidder. To qualify as a qualified bidder, interested parties should submit their bids by November 10, 2023, along with good-faith deposit in the amount of 10% of the bid price.

The initial minimum overbid should be in the amount to fully satisfy the DIP Claims of the DIP Lender in full and in cash or such other treatment as may be agreed to by the DIP Lender, fully satisfy the Prepetition RCF Claims of the Prepetition RCF Agent and Prepetition RCF Lenders in full and in cash or such other treatment as may be agreed to by such creditors, fully satisfy the claims of the Prepetition 2025 Notes Claims in full and in cash or such other treatment as may be agreed to by such creditors, fully satisfy the claims of the Prepetition 2028 Notes Claims in full and in cash or other such treatment as may be agreed by such creditors; fully satisfy the claims of the Prepetition Series A Note Claims in full and in cash, fully satisfy the claims of the holders of Allowed General Unsecured Claims in full and in cash or such other treatment as may be agreed to by such creditors, provide consideration to the holders of all Existing Common Stock in an aggregate amount greater than $25 million plus the value of the CVRs and assumption of assumed liabilities; or submit a bid for an alternative transaction that is acceptable to the Debtors and the DIP Lender and the Required Consenting Noteholders. The debtor has scheduled an auction on November 13, 2023. The sale hearing is scheduled for November 29, 2023.