CareMax, Inc. filed for Chapter 11 protection on November 17, 2024 in the Northern District of Texas (Case No. 24-80093) before Judge Michelle V. Larson, implementing a sale-based restructuring to exit its dual-track business model through separate ACO and Core Centers asset dispositions. The company operated three ACOs serving approximately 88,000 Medicare patients and 46 clinical care centers in Florida employing approximately 1,100 people, with a workforce supporting 260,000 annual patients across business lines. Distress was driven by COVID-era impacts, constrained capital markets, inflationary pressures, reimbursement lag, and lease liabilities, compounded by the fallout from CareMax's 2022 acquisition of Steward Health Care's Medicare value-based care business for $135 million. At filing, CareMax carried approximately $110.5 million in prepetition debt and approximately $11 million in unrestricted cash. The company obtained a $122 million DIP facility comprising $30.5 million of new money and $91.5 million in rolled-up prepetition obligations. The plan was confirmed on January 31, 2025 and became effective February 3, 2025, after 78 days in bankruptcy.
