Becker's Healthcare February 5, 2024
Miami-based Cano Health, a primary care provider, has filed for Chapter 11 bankruptcy.
The primary care provider filed for bankruptcy in the U.S. Bankruptcy Court for the District of Delaware and is initiating a restructuring support agreement, according to a Feb. 4 press release from Cano.
Under the restructuring agreement, Cano will get $150 million in new financing from some of its current leaders. Additionally, the company will convert $1 billion in secured debt for a mix of new debt and complete ownership of the reorganized company through equity.
However, the agreement still needs to get approval from the court.
“By entering this court-supervised restructuring process, we are positioning...
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