ModivCare Files for Bankruptcy, Gets $100m DIP Financing (1)

ModivCare Inc. files for Chapter 11 bankruptcy protection in the Southern district of Texas, according to a court filing.

• Estimated liabilities: $1b-$10b
• Estimated assets: $1b-$10b
• Lenders have agreed to provide $100 million in debtor-in-possession financing, according to a separate statement from ModivCare
  • Restructuring to reduce total outstanding funded debt obligations by approximately $1.1b
  • All of Modivcare’s service lines will continue to operate
  • Intends to exit restructuring process in 4Q
• NOTE: Medical Transport Firm ModivCare Mulls Debt Restructuring

(Updates with company statement)

To contact the reporters on this story:
Bernadette Toh in Singapore at btoh25@bloomberg.net;
Janine Phakdeetham in Bangkok at ...