MBMG Holding, LLC and 15 affiliated debtors filed for Chapter 11 protection on October 13, 2024 in the U.S. Bankruptcy Court for the Southern District of Florida (Miami Division) (Case No. 24-20576-CLC). The debtors operated Clinical Care Medical Centers, a value-based primary care platform serving approximately 35,000 patients across 26 facilities in eight Florida counties (Broward, Palm Beach, Miami-Dade, Orange, Pasco, Hillsborough, Pinellas, Polk) with 800+ employees and 100+ providers. The company generated revenue through capitated per-member-per-month payments from Medicare Advantage and Medicaid health plans, complemented by integrated ancillary services (dental, vision, telehealth, labs, imaging, transportation, wellness). At filing, the debtors carried approximately $479 million in funded debt. The debtors obtained a $10 million DIP facility with PIK interest at 7%-8% margins. On November 20, 2024, the court approved a Section 363 sale of substantially all assets to Conviva Medical Center Management, LLC (Humana affiliate) for $45 million. The Second Amended Chapter 11 Plan was confirmed on March 13, 2025 and became effective April 4, 2025, with Plan Administrator Brian Bonaviri overseeing wind-down estates and distributions.
