HOUSTON (Reuters) – CareMax, which operates 56 medical facilities in Florida, Texas, Tennessee and New York catering largely to older sufferers, filed for Chapter 11 chapter in Texas on Sunday.
The Miami-based agency listed money owed of $693 million and belongings of $390 million, in response to a submitting with U.S. Chapter Courtroom for the Northern District of Texas.
In August, CareMax posted a second-quarter lack of $170.6 million and issued a going-concern warning. This month it disclosed it will not be capable to file its third-quarter report with the U.S. Securities and Change Fee resulting from an absence of funds.
The corporate stated it plans to pursue a sale or different transactions for its administration companies group and its core facilities belongings.
Administrators have accredited the hiring of Alvarez & Marsal as monetary advisers and Piper Sandler as funding banker, the submitting stated.
The transfer follows bankruptcies by different healthcare teams this 12 months together with Massachusetts-based Steward Well being Care. Steward filed for chapter in Could, looking for to promote all of its 31 hospitals and handle $9 billion in debt.
CareMax in late 2022 had acquired the Medicare value-based enterprise of Steward for $25 million in money and 23.5 million shares of its inventory. CareMax shares closed at $1.68 on Friday, down 89% 12 months thus far.
