Akumin : Bankruptcy - Form 8-K

Item 1.03

Bankruptcy or Receivership.

Voluntary Petition for Bankruptcy

As previously disclosed, Akumin Inc. (the "Company") entered into that certain Restructuring Support Agreement (including all exhibits thereto, collectively, the "RSA"), dated October 20, 2023, between the Company, certain of its affiliates and subsidiaries, and the other parties thereto, a copy of which was filed as Exhibit 10.1 to the Company's Current Report on Form 8-Kfiled with the Securities and Exchange Commission (the "Commission") on October 20, 2023. As set forth in the RSA, the parties thereto have agreed to the principal terms of a financial restructuring of the Company (the "Restructuring") to be implemented through a prepackaged chapter 11 plan of reorganization (the "Prepackaged Plan"), a copy of which is attached as Exhibit B to the RSA.

On October 22, 2023, the Company and certain of its affiliates (collectively, the "Debtors") filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101-1532(the "Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court"), thereby commencing chapter 11 cases for the Debtors (the "Chapter 11 Cases"). The Debtors are seeking approval of various "first day" motions from the Bankruptcy Court, which request customary relief intended to enable the Debtors to continue their ordinary course operations. The Debtors intend to implement the Restructuring during the Chapter 11 Cases.

The Debtors cannot be certain that the Restructuring and the Prepackaged Plan will be approved by the Bankruptcy Court during the Chapter 11 Cases.