Cano Health, Inc. (OTC Pink Marketplace:CANOQ), a provider of healthcare services, has filed an updated supplement to its bankruptcy documents, the company announced Thursday. The update includes amended agreements and schedules related to its ongoing Chapter 11 bankruptcy proceedings.
On February 4, 2024, Cano Health and certain subsidiaries initiated voluntary Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. Since then, the company has been operating under the jurisdiction of the Bankruptcy Court. As debtors-in-possession, Cano Health continues to manage its business.
The company filed a Fourth Amended Joint Chapter 11 Plan of Reorganization and a related Disclosure Statement on May 21, 2024. Subsequently, a Plan Supplement was filed on June 14, 2024, followed by the First Supplement on June 20, 2024.
The First Supplement contains revised Senior Executive Employment Agreements, an updated form of GUC Warrant Agreement, and amendments to the schedules of rejected and assumed contracts.
These documents are subject to further negotiation and approval by the Creditors' Committee and a group of secured loan and senior note holders. Any changes to these documents could be significant and may impact the company's restructuring process.
The information provided in the First Supplement is part of a Current Report on Form 8-K and is not final. It is subject to ongoing negotiations and may be further modified to align with the Plan. Cano Health reserves the right to amend or supplement the documents as needed.
This announcement contains forward-looking statements, which are based on current expectations and involve various risks and uncertainties that could cause actual results to differ materially. These statements include projections about the company's restructuring efforts, financial condition, and business strategies.
Cano Health's Class A common stock is currently traded on the OTC Pink Marketplace under the symbol CANOQ. The company cautions that trading in its securities is speculative and involves substantial risks, especially during the Chapter 11 proceedings.
This news is based on a press release statement.
In other recent news, Cano Health has submitted a supplement to its Chapter 11 restructuring plan to the United States Bankruptcy Court for the District of Delaware. The supplement includes critical documents such as senior executive employment agreements and a management incentive plan. This is part of Cano Health's ongoing efforts to reorganize, which also includes governance term sheets and agreements related to exit credit and warrants for general unsecured claims.
The documents are subject to further review and may change significantly through additional negotiations and final documentation. Previously, Cano Health received approval for a Fourth Amended Joint Chapter 11 Plan of Reorganization, which aims to significantly reduce the company's debt.
The recent filing also details a management incentive plan term sheet and a litigation trust agreement, but the company reserves the right to amend or supplement these documents as negotiations continue with creditors and stakeholders. These are some of the recent developments in the company's restructuring process.
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