Battered, downsized and now operating under U.S. Bankruptcy Court supervision, Cano Health Inc. of Miami is facing two choices as it starts the task of cleaning up its finances: Position itself to succeed as an independent company, or sell out to an opportunistic suitor. The primary care company that serves senior citizens filed for court protection earlier this month as cash ran low and profitability seemed fleeting. In advance of going to court, it entered into an arrangement with top creditors to obtain $150 million in operating cash to navigate the reorganization process. Management has set a goal of exiting Chapter 11 at the end of the second quarter. Besides achieving a standard goal of cutting its debts, the company is on a parallel track to prepare itself to be sold, according to a court affidavit filed Feb. 4 by CEO Mark Kent.
Read the full article: The Choices for Troubled Cano Health: Stand Alone or Sell Out to an Opportunistic Suitor? //
Source: https://www.sun-sentinel.com/2024/02/26/the-choices-for-troubled-cano-health-stand-alone-or-sell-out-to-an-opportunistic-suitor