Cano Health files for bankruptcy, receives $150-mln financing commitment

Cano Health files for bankruptcy, receives $150-mln financing commitment
Reuters; 2/5/24
Cano Health opens new tab filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware late on Sunday and said it entered into a restructuring support agreement to reduce debt and solicit potential offers, including the sale of the firm. Shares of the Miami-based company fell more than 50% before the bell. The primary care provider said it has received a commitment for $150 million in new debtor-in-possession financing from some of its existing lenders, which is expected to provide sufficient liquidity to support its ongoing operations.