secwatch.observer — SEC 8-K summary
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Issuer:     ModivCare Inc (—)
CIK:        0001220754
Form:       8-K
Filed at:   2025-08-21T23:59:59+00:00
Accession:  0001437749-25-027478
Event type: other_material
Sentiment:  negative
Materiality: 1.00
Item codes: 1.01, 1.03, 2.02, 7.01, 2.04, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1220754/000143774925027478/0001437749-25-027478-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1220754/000143774925027478/modv20250818_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-25-027478

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer