CareMax falls after bankruptcy protection filling

Caremax

18/11/2024 12:02

** Shares of clinic operator CareMax  CMAX.O  slumps 32.7%
to $1.13 premarket
    ** Co filed for Chapter 11 bankruptcy in Texas on Sunday
    ** CMAX listed debts of $693 million and assets of $390
million
    ** CMAX said it will sell its management services
organization, which supports care for ~80,000 Medicare patients,
to Revere Medical
    ** Lenders support process with $30.5 million financing to
maintain operations running, CMAX said
    ** Co also plans to sell core assets, which include its
operating clinics that provide healthcare services, but hasn't
finalized a buyer yet
    ** As of last close, stock has fallen 88.8% YTD

 (Reporting by Kamal Choudhury in Bengaluru)
 ((Kamal.Choudhury@thomsonreuters.com;))