Cano Health announced a global agreement with the Unsecured Creditors Committee and received Court approval for its Disclosure Statement, advancing its Chapter 11 reorganization plan.
The company expects to emerge from bankruptcy in the third quarter of 2024. CEO Mark Kent highlighted significant progress in their Transformation Plan, targeting $290 million in cost reductions and a focus on core operations in Florida.
The Restructuring Support Agreement, backed by major lenders, will convert nearly $1 billion in secured debt into new debt and equity in the reorganized company.
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