---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-25-027478"
form_type: "8-K"
ticker: null
cik: "0001220754"
company_name: "ModivCare Inc"
filed_at: "2025-08-21T23:59:59+00:00"
generated_at: "2026-05-17T10:46:16.595105+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# ModivCare files Chapter 11; restructuring cuts debt by $1.1B, gets $100M DIP

## Summary
- Filed Chapter 11 with agreement from >90% first lien and >70% second lien lenders; $100M DIP funding committed.
- Restructuring cuts total funded debt by ~$1.1B (over 85%); exit expected early Q4 2025.
- First lien debt of ~$927M, second lien ~$316M, unsecured ~$229M accelerated by bankruptcy filing.
- Key employees get retention bonuses: CEO L. Heath Sampson $1M, EVP Chelsey Berstler $350K.
- Company warns common stock holders may experience significant or complete loss.

## SEC filing metadata
- accession: 0001437749-25-027478
- form_type: 8-K
- cik: 0001220754
- company_name: ModivCare Inc
- filed_at: 2025-08-21T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 1.03, 2.02, 7.01, 2.04, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1220754/000143774925027478/0001437749-25-027478-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1220754/000143774925027478/modv20250818_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-25-027478
- JSON: https://secwatch.observer/filing/0001437749-25-027478.json
- Plain text: https://secwatch.observer/filing/0001437749-25-027478.txt

## Key facts
- Debt Financings
  ModivCare Inc faced acceleration on senior notes of $316.2 million with unknown at unknown maturing unknown.
  - Instrument: senior notes
  - Principal: $316.2 million
  - Event: acceleration
  source text: ● approximately $316.2 million of borrowings (plus any accrued but unpaid interest in respect thereof) under the Second Lien Notes;
  evidence_url: https://www.sec.gov/Archives/edgar/data/1220754/000143774925027478/0001437749-25-027478-index.htm
- Debt Financings
  ModivCare Inc faced acceleration on credit facility of $927.3 million with unknown at unknown maturing unknown.
  - Instrument: credit facility
  - Principal: $927.3 million
  - Event: acceleration
  source text: The filing of the Chapter 11 Cases constitutes an event of default that accelerated obligations under the following material debt instruments and agreements (the “ Debt Documents ”): ● approximately $927.3 million of borrowings (plus any accrued but unpaid interest in respect thereof) under the Existing First Lien Credit Agreement;
  evidence_url: https://www.sec.gov/Archives/edgar/data/1220754/000143774925027478/0001437749-25-027478-index.htm
- Debt Financings
  ModivCare Inc faced acceleration on senior notes of $228.8 million with unknown at unknown maturing unknown.
  - Instrument: senior notes
  - Principal: $228.8 million
  - Event: acceleration
  source text: ● approximately $228.8 million of borrowings (plus any accrued but unpaid interest in respect thereof) under that certain Senior Notes Indenture, dated as of August 24, 2021, by and between ModivCare, as issuer, certain subsidiaries of ModivCare, as guarantors, and Wilmington Saving Fund Society, FSB, as trustee (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time, the “ Unsecured Notes Indenture ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1220754/000143774925027478/0001437749-25-027478-index.htm

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