, /PRNewswire/ -- Cano Health, Inc. ("Cano Health" or the "Company"), a leading value-based primary care provider and population health company, announced today it successfully emerged from Chapter 11 as a reorganized private company with a significantly improved capital structure and optimized operations focused on providing quality patient care within the market. Cano Health's Plan of Reorganization (the "Plan") was confirmed by the U.
S. Bankruptcy Court for the District of on with the support of the Company's key stakeholders, including its secured and unsecured creditors and key business partners. The Company has significantly reduced its debt obligations, converting more than of prepetition funded debt into a combination of common stock and warrants.
As part of the restructuring, the Company's existing investors also committed more than in new capital to support Cano Health's go-forward business plan. Over the past nine months, the Company's management team has taken significant steps to strengthen its operational and financial performance and position the Company for long-term success. To date, Cano Health has successfully streamlined the Company's portfolio of assets, including by exiting underperforming expansion markets and pruning its medical center portfolio to focus on specific markets.
Cano Health has achieved over in cost reductions and productivity improvements. The Company is performing favorably against its previously announced CY 2024 cost reduction goal. , .