Brief: Cano Health Enters Restructuring Support Agreement With Significant Majority Of Its Lenders

Cano Health

05/02/2024 05:05

Feb 5 (Reuters) - Cano Health Inc  CANO.N :
    * CANO HEALTH ENTERS RESTRUCTURING SUPPORT AGREEMENT WITH A
SIGNIFICANT MAJORITY OF ITS LENDERS TO STRENGTHEN FINANCIAL
POSITION
    * RECEIVES COMMITMENT FOR $150 MILLION IN NEW CAPITAL
    * > -  NEW CAPITAL IS EXPECTED TO PROVIDE SUFFICIENT
LIQUIDITY TO
SUPPORT COMPANY'S ONGOING OPERATIONS THROUGHOUT RESTRUCTURING
PROCESS.
    * COMPANY EXPECTS TO ACHIEVE APPROXIMATELY $290 MILLION OF
ANNUALIZED COST REDUCTIONS BY END OF 2024.
    * EXPECTS TO EMERGE FROM RESTRUCTURING PROCESS IN Q2 OF 2024
    * CANO HEALTH-  RESTRUCTURING SUPPORT AGREEMENT WITH LENDERS
HOLDING ABOUT 86% OF SECURED REVOLVING, TERM LOAN DEBT, 92% OF
ITS SENIOR UNSECURED NOTES
    * COMPANY EXPECTS TO ACHIEVE APPROXIMATELY $290 MILLION OF
ANNUALIZED COST REDUCTIONS BY END OF 2024.
    * EXPECTS TO ACHIEVE APPROXIMATELY $290 MILLION OF
ANNUALIZED COST
REDUCTIONS BY END OF 2024
    * CANO HEALTH  - RSA PROVIDES FOR CONVERSION OF NEARLY $1
BILLION
IN SECURED DEBT TO  COMBINATION OF NEW DEBT AND FULL EQUITY
OWNERSHIP IN REORGANIZED CO
    * CANO HEALTH - RSA ALLOWS FOR SOLICITATION OF STRATEGIC
PARTNERSHIPS AND POTENTIAL OFFERS  INCLUDING SALE OF COMPANY OR
SUBSTANTIALLY ALL ITS ASSETS

Source text for Eikon:  ID:nPn7qdKDza 
Further company coverage:  CANO.N 

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