Bright Health Group needs to raise about $300 million to avoid bankruptcy after it overdrafted its credit, executives told investors on Wednesday. Chief Financial Officer Cathy Smith said that the company spent the $350 million available in its revolving credit facility, violating its liquidity covenant with its lenders as it is required to keep at least $200 million in that account. The company did secure a waiver and must address the shortfall by the end of April.
Read the full article: Bright Health Staring Down Bankruptcy, Needs to Raise $300M, Execs Say //
Source: https://www.fiercehealthcare.com/payers/bright-health-staring-down-bankruptcy-needs-raise-300m-execs-say