8-K
filed July 1, 2024, 7:59 PM ET
CIK 0001800682
other material
confidence high
sentiment negative
materiality 0.90
Cano Health, Inc.: going-concern / distress — Cano Health exits Chapter 11; old common stock canceled, new $211M exit financing
Cano Health, Inc.
- Bankruptcy Court confirmed Plan on June 28, 2024; company emerged with new $211.25M exit credit facility.
- Old common stock canceled; 41.8M new common shares and 2.2M warrants (exercise $25.30) issued.
- Board reconstituted: Mark Kent remains, Eric Hsiao and Alan Wheatley join; three vacancies open.
- Company to file Form 15 to deregister Class A common stock and warrants, citing fewer than 300 holders.
- Shareholders' Agreement grants nomination rights to Nut Tree, Anchorage, Squarepoint, Diameter.
Key facts
Extracted from this filing and checked against the source text.
Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.9
Cano Health, Inc. entered chapter 11 (petition 2024-06-28).
- Proceeding
- chapter 11
- Petition
- 2024-06-28
Exact text from the filing
Also on June 28, 2024, the Plan became effective pursuant to its terms and the Debtors emerged from the Chapter 11 Cases.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Eric H. Hsiao was appointed as Director at Cano Health, Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
Mark Kent, the Company’s Chief Executive Officer, has continued as a director, along with new directors, Eric H. Hsiao and Alan Wheatley.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Solomon D. Trujillo resigned as Director at Cano Health, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
the following directors have been deemed to have resigned from the Board in connection with the Company’s emergence from the Chapter 11 Case and pursuant to the Plan: Patricia Ferrari, Carol Flaton, Angel Morales, Dr. Alan Muney, Kim M. Rivera, and Solomon D. Trujillo.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Alan Wheatley was appointed as Director at Cano Health, Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
Mark Kent, the Company’s Chief Executive Officer, has continued as a director, along with new directors, Eric H. Hsiao and Alan Wheatley.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Kim M. Rivera resigned as Director at Cano Health, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
the following directors have been deemed to have resigned from the Board in connection with the Company’s emergence from the Chapter 11 Case and pursuant to the Plan: Patricia Ferrari, Carol Flaton, Angel Morales, Dr. Alan Muney, Kim M. Rivera, and Solomon D. Trujillo.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Angel Morales resigned as Director at Cano Health, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
the following directors have been deemed to have resigned from the Board in connection with the Company’s emergence from the Chapter 11 Case and pursuant to the Plan: Patricia Ferrari, Carol Flaton, Angel Morales, Dr. Alan Muney, Kim M. Rivera, and Solomon D. Trujillo.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Dr. Alan Muney resigned as Director at Cano Health, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
the following directors have been deemed to have resigned from the Board in connection with the Company’s emergence from the Chapter 11 Case and pursuant to the Plan: Patricia Ferrari, Carol Flaton, Angel Morales, Dr. Alan Muney, Kim M. Rivera, and Solomon D. Trujillo.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Patricia Ferrari resigned as Director at Cano Health, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
the following directors have been deemed to have resigned from the Board in connection with the Company’s emergence from the Chapter 11 Case and pursuant to the Plan: Patricia Ferrari, Carol Flaton, Angel Morales, Dr. Alan Muney, Kim M. Rivera, and Solomon D. Trujillo.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Carol Flaton resigned as Director at Cano Health, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
the following directors have been deemed to have resigned from the Board in connection with the Company’s emergence from the Chapter 11 Case and pursuant to the Plan: Patricia Ferrari, Carol Flaton, Angel Morales, Dr. Alan Muney, Kim M. Rivera, and Solomon D. Trujillo.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
Cano Health, Inc. underwent a change of control.
- Action
- change of control
Exact text from the filing
As disclosed elsewhere in this Current Report on Form 8-K, on the Effective Date, all of the Old Common Stock of the Company was cancelled and the Company issued New Equity Interests pursuant to the Plan.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.7
Cano Health, Inc. completed a disposition involving holders of the Allowed First Lien Claims.
- Action
- disposition
- Counterparty
- holders of the Allowed First Lien Claims
Exact text from the filing
holders of the Allowed First Lien Claims received 100% of the New Equity Interests (subject to dilution by New Equity Interests issued in respect or as a result of (1) the MIP Equity, (2) the Participation Fee, (3) any financing fees payable in New Equity Interests in connection with the New RCF Loans and (4) the exercise of the GUC Warrants).
View on SEC.gov
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