Cano Health, Inc. is a value-based primary care platform that filed for Chapter 11 protection on February 4, 2024 in the U.S. Bankruptcy Court for the District of Delaware (Case No. 24-10164), supported by a Restructuring Support Agreement (RSA) and a $150 million DIP facility. The company coordinated primary care services through 630 independent physician practices and operated medical centers, serving approximately 390,000 members across nine states and Puerto Rico with a workforce of approximately 2,800 full-time employees at filing. Cano's distress stemmed from Medicare Advantage payment compression, medical loss ratios exceeding 100%, rising interest rates, and cumulative operating losses exceeding $1.2 billion across 2022-2023. Pre-bankruptcy, the company divested Texas and Nevada clinics to Humana's CenterWell for $66.7 million (September 2023) and executed 700-employee layoffs (17% of workforce). The Chapter 11 plan confirmed on June 28, 2024 converted over $1 billion of prepetition funded debt into a combination of equity and warrants, with existing investors committing over $200 million in new capital. The company emerged as a private reorganized entity in July 2024 with a narrowed geographic footprint concentrated in Florida (83 locations, 2,500 employees post-emergence).