Cano Health Wins Creditor Support to Cut Debt, Exit Bankruptcy

• Senior lenders would take ownership under plan to reorganize
• Bankruptcy judge agrees to send proposal to creditors for vote

Cano Health Inc. won support from lower-ranking creditors for a plan to slash about $1 billion in debt and exit bankruptcy under new owners.

At a court hearing Friday morning, the company and the official committee of unsecured creditors announced the deal, which calls for senior lenders owed about $974 million to take ownership of the Miami-based healthcare company in exchange for canceling most debt.

https://www.bloomberg.com/news/articles/2024-05-17/cano-health-wins-creditor-support-to-cut-debt-exit-bankruptcy