(RTTNews) - Modivcare Inc. (MODV), a technology-enabled healthcare services company providing a platform of integrated supportive care solutions focused on improving health outcomes, announced that it has filed for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas to implement a comprehensive restructuring transaction with the support of a supermajority of its key stakeholders.
More than 90% of First Lien Lenders and more than 70% of Second Lien Lenders have entered into a Restructuring Support Agreement with the company.
The company noted that restructuring will reduce the company's total outstanding funded debt obligations by approximately $1.1 billion and will meaningfully reduce the company's annual cash interest and transition ownership to a group of seasoned and well-funded investors.
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