MBMG Holding, LLC and its fifteen affiliated debtors are in the post-effective-date wind-down of a confirmed liquidating Chapter 11 plan, with a court-appointed Plan Administrator now managing the estates following the April 4, 2025 effective date of the Second Amended Joint Chapter 11 Plan Confirmation OrderDkt. 499.
The Debtors — a Miami-based, Sun Capital Partners-backed value-based primary care platform operating twenty-six Clinical Care Medical Centers across eight Florida counties and serving roughly 35,000 Medicare Advantage and Medicaid patients — filed sixteen coordinated Chapter 11 cases on October 13, 2024 Voluntary PetitionDkt. 1 in the Southern District of Florida before Judge Corali Lopez-Castro. In the first-day declaration of Chief Restructuring Officer Nicholas K. Campbell Dkt. 31, the filing was attributed to Medicaid and Medicare reimbursement pressure, rising post-pandemic operating costs, and an approximately $479 million acquisition-era debt load anchored by $447.7 million in secured funded debt. The stated objective from the outset was to preserve continuity of patient care and complete a section 363 sale of substantially all assets to Conviva Medical Center Management, LLC, a Humana Inc. affiliate Notice of Appearance by ConvivaDkt. 52.
To stabilize operations, the Debtors sought combined postpetition financing and cash-collateral authority through an emergency motion filed on the petition date , ultimately supported by a $10 million delayed-draw DIP facility with a $4 million interim availability cap; those DIP claims were paid in full from sale proceeds. After the Conviva transaction closed, the Debtors advanced a joint liquidating plan that channels the remaining value — sale proceeds, post-closing accounts receivable, and recovery proceeds — through a recovery waterfall to nine claim classes, with the first-lien, second-lien, unsecured note, and general unsecured classes each voting 100% in number and dollar amount to accept. Brian Bonaviri of Meru, LLC was designated as Plan Administrator to liquidate wind-down assets, reconcile claims, and make distributions .
The case is now in plan administration: existing management and the boards were terminated on the effective date, and the Plan Administrator is executing the wind-down, objecting to claims, and pursuing estate causes of action in a fiduciary capacity. The next scheduled court touchpoint is a status hearing on April 30, 2025 Confirmation OrderDkt. 499.
