Medical-Transport Firm ModivCare Approved to Exit Bankruptcy

ModivCare won court permission to exit bankruptcy under the ownership of senior lenders as part of a plan to reduce the medical-transportation company’s debt by $1.4 billion.

• US Bankruptcy Judge Alfredo Perez sided with ModivCare in dismissing objections from a committee of unsecured creditors who claimed the plan was paying senior lenders more than they were actually owed
• The firm filed bankruptcy earlier this year after health-care funding cuts threatened to hurt future cash flows
  • The company provides in-home care and remote patient monitoring and coordinates rides to appointments for non-emergency patients
• The case is ModivCare Inc., 25-90309, US ...