Modivcare Inc., a technology-enabled healthcare services company, has filed for voluntary Chapter 11 protection to implement a restructuring plan supported by a significant majority of its key stakeholders. The restructuring aims to strengthen Modivcare's financial foundation by reducing its outstanding funded debt obligations by approximately $1.1 billion, over 85% of its total debt. To facilitate this process, the company will receive $100 million in debtor-in-possession financing, ensuring liquidity of over $100 million. This move is expected to transition ownership to a group of seasoned investors committed to Modivcare's success. Operations across all service lines will continue without interruption, with a focus on maintaining service excellence. The company plans to exit the restructuring process by early in the fourth quarter of 2025.
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