Cano Health (CANO) has released an update to notify the public and investors about an entry into a material definitive agreement.
Cano Health, LLC, amidst its Chapter 11 bankruptcy proceedings, has secured a lifeline with a new $150 million financing arrangement through a Senior Secured Superpriority Debtor-in-Possession Credit Agreement. This deal, backed by Wilmington Savings Fund Society and various lenders, provides an immediate $50 million cash injection with an additional $100 million pending final court approval. This critical funding is set to support Cano Health’s ongoing operations and restructuring efforts, offering a glimmer of stability for the company during turbulent times.
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For a comprehensive understanding of the announcement, you can read the full document here.