Richmond radiology practice seeks bankruptcy protection

Commonwealth Cancer Institute, a small radiology practice in Richmond's Carver neighborhood, has filed for bankruptcy protection.

The Chapter 11 filing last week is intended to give the practice time to reorganize, by protecting it from its creditors' claims.

The practice, operated by Dr. Marcus W. Brown, has seen referrals from radiation treatment decline, cutting monthly revenue to $60,000 from $80,000, said its attorney, Bruce E. Arkema.

He said the practice had been falling behind in payments on its aging equipment.

Commonwealth's court filings show the practice owes $327,345 for its equipment, as well as $395,000 in fees to three doctors.

The practice owes a total of more than $2.8 million, including just less than $1.8 million to Banco Popular.

That money is basically a loan for the property in which it operates, owned by another of Brown's companies, which filed for bankruptcy protection in September. Commonwealth, however, also is listed on that loan.

The practice opened in 1997 but has shrunk from having several doctors to just one, Arkema said.

He said there are other practices interested in acquiring Commonwealth, but that the company needed breathing room from its creditors to try to arrange a sale or other restructuring.

Brown did not return a phone call.

Contact David Ress at (804) 649-6051 or .