CareMax (NASDAQ: CMAX) has announced agreements to sell its business through a prearranged Chapter 11 bankruptcy process. Revere Medical will acquire the Medicare Shared Savings Program portion of CareMax's management services organization, which serves approximately 80,000 Medicare beneficiaries. The company has also reached a preliminary 'stalking horse' agreement for its Core Centers' Assets with an undisclosed buyer. The restructuring process is supported by 100% of CareMax's secured lenders, who have provided $30.5 million in debtor-in-possession financing. The company expects to maintain normal operations and continue providing healthcare services throughout the process, with transactions anticipated to close in early 2025.
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