Cano Health Enters Restructuring Support Agreement With Significant Majority Of Its Lenders
T-Reuters
2024-02-05
Cano Health Inc :Cano Health Enters Restructuring Support Agreement With A Significant Majority Of Its Lenders To Strengthen Financial Position.Receives Commitment For $150 Million In New Capital.> - New Capital Is Expected To Provide Sufficient Liquidity To Support Company'S Ongoing Operations Throughout Restructuring Process..Company Expects To Achieve Approximately $290 Million Of Annualized Cost Reductions By End Of 2024..Expects To Emerge From Restructuring Process In Q2 Of 2024.Cano Health- Restructuring Support Agreement With Lenders Holding About 86% Of Secured Revolving, Term Loan Debt, 92% Of Its Senior Unsecured Notes.Company Expects To Achieve Approximately $290 Million Of Annualized Cost Reductions By End Of 2024..Expects To Achieve Approximately $290 Million Of Annualized Cost Reductions By End Of 2024.Cano Health - Rsa Provides For Conversion Of Nearly $1 Billion In Secured Debt To Combination Of New Debt And Full Equity Ownership In Reorganized Co.Cano Health - Rsa Allows For Solicitation Of Strategic Partnerships And Potential Offers Including Sale Of Company Or Substantially All Its Assets.