Modivcare hits record low after filing for bankruptcy protection

ModivCare

21/08/2025 15:22

Updates

** Shares of healthcare service provider Modivcare MODV.O fell as much as 67% to record low of 61 cents

** Stock set for its worst day in over 16 years, if losses hold

** Late on Wednesday, company said it had filed for Chapter 11 bankruptcy protection to restructure its finances

** Company is expected to cut total funded debt by about $1.1 billion

** Lenders are providing $100 mln in new financing to keep operations running

** Modivcare expects to complete the bankruptcy process by early Q4 2025

** Including session moves, stock down 94% YTD

 (Reporting by Kamal Choudhury in Bengaluru)

 ((Kamal.Choudhury@thomsonreuters.com;))