CCS Oncology and Healthcare LLC has filed for chapter 11 bankruptcy, one week after the FBI raided multiple locations across Western New York.
The company said the filing will allow it to continue day-to-day patient care while also allowing it to address a large debt load. As part of the restructuring, CCS will focus solely on medical oncology and radiation oncology.
"Arrangements have been made for our non-cancer related practices to transition in an orderly fashion to ensure continuity of care to our loyal patients," said Dr. W. Sam Yi, medical director, in a statement. "Our priorities, values and commitments to our loyal patients, community and dedicated staff of professionals will not change."
According to the Western District of the U.S. Attorney's Office, last week's raids were part of the federal government "taking steps to secure information in an ongoing investigation. The government's actions will result in the copying of certain information in the custody of CCS Oncology."
The protection of information comes after a court granted Bank of America's request to seize CCS Oncology assets, after the company failed to make payments on more than $16.2 million on four separate credit lines.