Cano Health Announces Agreement with Unsecured Creditors Committee and Court Approval of Disclosure Statement for its Reorganization Plan

Core Viewpoint - Cano Health, Inc. is progressing towards emerging from Chapter 11 bankruptcy by the third quarter of 2024, having reached a global agreement with its unsecured creditors and received court approval for its Disclosure Statement [1][2]. Group 1: Financial Restructuring - The company has entered into a Restructuring Support Agreement (RSA) with lenders holding approximately 86% of its secured revolving and term loan debt and 92% of its senior unsecured notes, facilitating a prearranged voluntary Chapter 11 filing [3]. - The RSA allows for the conversion of nearly $1 billion in secured debt into new debt and equity ownership in the reorganized company [3]. Group 2: Transformation Plan - Cano Health is executing a Transformation Plan aimed at refocusing operations on its core Florida market, enhancing profitability, and achieving targeted cost reductions of $290 million [2][7]. - The company has already implemented initiatives contributing approximately $105 million towards the cost reduction goal [7]. Group 3: Market Position and Operations - Cano Health serves approximately 310,000 members, delivering personalized, value-based primary care and is committed to improving health outcomes at lower costs [5]. - The company aims to emerge from the restructuring process as a stronger competitor in the healthcare market, continuing to provide high-quality medical care [2].