Becker's Healthcare July 2, 2024
Miami-based Cano Health has emerged from Chapter 11 as a reorganized private company focused on providing quality care in the Florida market.
The value-based primary care provider filed for bankruptcy in February. Since then, it has significantly reduced its debt obligations, converting more than $1 billion of prepetition funded debt into a mix of common stock and warrants.
As part of the restructuring, Cano’s existing investors committed more than $200 million in new capital to support its business plan.
In recent months, Cano has reorganized its assets, including by exiting underperforming expansion markets and pruning its medical center portfolio to focus on specific Florida markets. The company said it has achieved over $270 million in cost reductions and...
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