---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-023512"
form_type: "8-K"
ticker: null
cik: "0001800682"
company_name: "Cano Health, Inc."
filed_at: "2024-02-05T23:59:59+00:00"
generated_at: "2026-06-06T09:15:28.315259+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Cano Health files Chapter 11 bankruptcy; enters $150M DIP financing with consenting creditors

## Summary
- Filed Chapter 11 in Delaware Bankruptcy Court on Feb 4, 2024; 86% secured debt and 92% unsecured note holders support restructuring.
- DIP facility of $150M ($50M interim, $100M final) at SOFR+11% or ABR+10%; maturity 8 months from closing.
- RSA contemplates standalone reorganization or whole-company sale; unsecured creditors get warrants for 5% of reorganized equity.
- CEO Mark Kent receives $3.75M retention bonus; CFO Eladio Gil $950k; COO $1.065M; CCO $462.5k; all forfeit 2023 bonus and 2024 LTI.
- Chapter 11 triggers default on 6.250% Senior Notes 2028 and two credit agreements; enforcement automatically stayed.

## SEC filing metadata
- accession: 0001193125-24-023512
- form_type: 8-K
- cik: 0001800682
- company_name: Cano Health, Inc.
- filed_at: 2024-02-05T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 1.03, 2.03, 2.04, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1800682/000119312524023512/0001193125-24-023512-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1800682/000119312524023512/d733561d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-023512
- JSON: https://secwatch.observer/filing/0001193125-24-023512.json
- Plain text: https://secwatch.observer/filing/0001193125-24-023512.txt

## Key facts
- Debt Financings
  Cano Health, Inc. reported a default on senior notes of 6.250% Senior Notes due 2028 with U.S. Bank National Association at 6.250% maturing 2028.
  - Instrument: senior notes
  - Principal: 6.250% Senior Notes due 2028
  - Counterparty: U.S. Bank National Association
  - Rate: 6.250%
  - Maturity: 2028
  - Event: default
  source text: The filing of the Chapter 11 Cases constitutes an event of default that permits acceleration of the Company's obligations under the following debt instruments (the " Debt Instruments "): • Indenture, dated as of September 30, 2021, by and among Cano Health, LLC as issuer, the guarantors party thereto and U.S. Bank National Association, as trustee, relating to the 6.250% Senior Notes due 2028.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1800682/000119312524023512/0001193125-24-023512-index.htm
- Distress & Bankruptcy
  Cano Health, Inc. entered chapter 11 in U.S. Bankruptcy Court for the District of Delaware (petition 2024-02-04).
  - Proceeding: chapter 11
  - Court: U.S. Bankruptcy Court for the District of Delaware
  - Petition: 2024-02-04
  source text: On February 4, 2024, the Debtors commenced filing voluntary petitions (the “ Chapter 11 Cases ”) in the U.S. Bankruptcy Court for the District of Delaware (the “ Bankruptcy Court ”) seeking relief under Chapter 11 of the U.S. Code (the “ Bankruptcy Code ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1800682/000119312524023512/0001193125-24-023512-index.htm
- Material Agreements
  Cano Health, Inc. entered into Restructuring Support Agreement with lenders holding approximately 86% of its secured revolving and term loan debt and 92% of its senior unsecured notes (effective 2024-02-04).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: lenders holding approximately 86% of its secured revolving and term loan debt and 92% of its senior unsecured notes
  - Effective: 2024-02-04
  source text: On February 4, 2024, Cano Health, Inc. (the “ Company ”) and certain of its direct and indirect subsidiaries (such subsidiaries, together with the Company, the “ Debtors ”), entered into a Restructuring Support Agreement (together with the Restructuring Term Sheet and all other exhibits and schedules attached thereto, the “ RSA ”) with lenders holding approximately (x) 86% of its secured revolving and term loan debt and (y) 92% of its senior unsecured notes (collectively, the “ Consenting Creditors ”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1800682/000119312524023512/0001193125-24-023512-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.