Primary care provider and population health company
Industries
Force 10 guided the Official Committee of Unsecured Creditors in Cano Health’s Chapter 11 bankruptcy, helping secure improved creditor recoveries and a streamlined reorganization plan that positioned the company for sustainable operations.
Force 10 served as the financial advisor to the Official Committee of Unsecured Creditors of Cano Health, which filed for Chapter 11 bankruptcy following an overly ambitious growth strategy, poor market selection, and substantial financial losses. After going public through a $4.4 billion SPAC merger, the company faced significant challenges, including an unsustainable debt burden and operational inefficiencies. At the time of the bankruptcy filing, Cano Health had $1.26 billion in funded debt and secured $150 million in debtor-in-possession (DIP) financing to support its restructuring efforts under a Restructuring Support Agreement (RSA).
As financial advisor to the committee, Force 10 analyzed Cano Health’s financial condition, identified unencumbered assets, and evaluated the DIP financing terms to ensure they aligned with creditor interests. Additionally, Force 10 reviewed the company’s operations, provided input on the restructuring plan, and played a pivotal role in negotiating improvements to creditor recoveries. The Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the District of Delaware on June 28, 2024, enabling Cano Health to emerge from Chapter 11 with a significantly deleveraged capital structure and streamlined operations.
