Modivcare Inc. successfully completed its financial restructuring process and emerged from Chapter 11 protection.
The company reduced its funded debt by more than 85%, amounting to $1.1 billion.
In addition, Modivcare added $100 million in new capital, lowered its annual cash interest expense, and strengthened its balance sheet and liquidity.
Debt Reduction
Modivcare reduced its funded debt by over 85%, totaling $1.1 billion.
New Capital
The company successfully secured $100 million in new capital during the restructuring process.
Increased Financial Flexibility
Modivcare's financial restructuring led to improved liquidity and greater financial flexibility for future investments.
- The completion of the financial restructuring has positioned Modivcare with a stronger capital structure and stability for future operations.
- With reduced debt and increased financial resources, Modivcare is better equipped to focus on delivering quality healthcare services and investing in technology and service excellence.
Modivcare emerges as a privately-owned company with a clear strategy, strengthened financial foundation, and a commitment to delivering essential healthcare services efficiently and innovatively.