Fierce Healthcare February 5, 2024
Cano Health today announced its intentions for file for bankruptcy in an effort to stay afloat after incurring nearly $1 billion in debt.
The company said it has entered into a restructuring support agreement with its lenders, where they will hold about 86% of its revolving and long-term loan debt as well as 92% of its senior unsecured notes, according to a press release. The RSA will allow Cano to “substantially reduce its debt” and put itself in a better position for “long-term success.”
Cano said it has secured a $150 million commitment in debtor-in-possession financing from some of its lenders, which it says should be enough capital to continue operations through the restructuring process. That funding is subject to...
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