Modivcare Successfully Completes Financial Restructuring, Reducing Debt by More Than 85%

Core Insights - Modivcare Inc. has successfully completed its financial restructuring and emerged from Chapter 11 protection, significantly reducing its funded debt by $1.1 billion, which is over 85% of its previous debt, and adding $100 million in new capital [2][3] Financial Restructuring - The company has reduced its annual cash interest expense and is emerging with a stronger balance sheet, improved liquidity, and increased financial flexibility [2] - Modivcare continued to operate normally during the restructuring process, ensuring no interruption to services for clients, members, providers, or partners [2] Leadership and Strategy - The CEO of Modivcare stated that the company is now positioned to focus on delivering reliable access to care and investing in necessary capabilities for the future [3] - Modivcare emerges as a privately-owned company under a group of seasoned investors committed to its success [3][4] Future Outlook - The restructuring is expected to enhance Modivcare's ability to invest in technology, data, and operational capabilities that are crucial for clients [4] - New directors with significant financial and strategic investments will help shape the company's future alongside experienced Board members [4] Company Overview - Modivcare is a technology-enabled healthcare services company providing integrated supportive care solutions, addressing social determinants of health by connecting members to essential care services [8] - The company offers non-emergency medical transportation, personal care services, and remote patient monitoring solutions [8]