CareMax, Inc.: going-concern / distress — CareMax files Chapter 11; secures $122M DIP financing; ACO sale to RHG for $10M

CareMax, Inc.

Chapter 11 filed Nov 17, 2024 in N.D. Texas; company operates as debtor-in-possession.
DIP facility up to $122M: $12M interim, $18.5M final new money plus $91.5M roll-up; interest SOFR+11%.
ACO SPA: RHG Network to buy ACO entities for $10M plus 2023/2024 MSSP payments; subject to Bankruptcy Court approval.
CFO Kevin Wirges granted $250K retention bonus; vests by Mar 15, 2025 or upon restructuring or change in control.
Company warns equity holders face significant or complete loss; expects delisting of CMAX and CMAXW from Nasdaq.

item 1.01 item 1.03 item 2.04 item 5.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.99

CareMax, Inc. entered chapter 11 in U.S. Bankruptcy Court for the Northern District of Texas (petition 2024-11-17).

Proceeding: chapter 11
Court: U.S. Bankruptcy Court for the Northern District of Texas
Petition: 2024-11-17

Exact text from the filing

On November 17, 2024, CareMax, Inc., a Delaware corporation (the “ Company ”), and certain of its controlled affiliates (such affiliates, together with the Company, the “ Debtors ”) commenced filing voluntary petitions (the “ Chapter 11 Cases ”) in the U.S. Bankruptcy Court for the Northern District of Texas (the “ Bankruptcy Court ”) seeking relief under chapter 11 of title 11 of the U.S. Code (the “ Bankruptcy Code ”).

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Source: SEC EDGAR

accession 0000950170-24-127766

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