Cano Health Strikes Restructuring Deal Amid Bankruptcy

Cano Health (CANO) has released an update to notify the public and investors about an entry into a material definitive agreement.

Cano Health, Inc. has entered into an agreement with the majority of its lenders to restructure its financial obligations through Chapter 11 bankruptcy. The agreement outlines two potential paths: a plan of reorganization or a sale of the company’s assets, with the prospect of selling individual business units as well. Creditors have rights to elect for a full company sale during the restructuring process, and certain debt claims may be converted into equity or repaid in cash as part of the proposed plans. Additionally, Cano Health will secure new financing via a Debtor-in-Possession Credit Agreement to assist with operations throughout the bankruptcy proceedings.

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For a comprehensive understanding of the announcement, you can read the full document here.