Health insurer Benefytt Technologies Inc. won court approval for a bankruptcy plan that provides fresh cash and keeps private equity owner, Madison Dearborn Partners LLC, and lenders in control of the business.
Judge Christopher Lopez of the US Bankruptcy Court for the Southern District of Texas approved the plan at a hearing Wednesday. Madison Dearborn and the lender group will own the majority of the company’s equity and have agreed to infuse $64 million into the business.
Benefytt filed for bankruptcy in May. The company struggled to sign up new customers after agreeing to pay $100 million to settle the ...
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