secwatch.observer — SEC 8-K summary
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Issuer:     Cano Health, Inc. (—)
CIK:        0001800682
Form:       8-K
Filed at:   2024-02-05T23:59:59+00:00
Accession:  0001193125-24-023512
Event type: other_material
Sentiment:  negative
Materiality: 0.90
Item codes: 1.01, 1.03, 2.03, 2.04, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1800682/000119312524023512/0001193125-24-023512-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1800682/000119312524023512/d733561d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-023512

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