Major Healthcare Provider CareMax Files For Chapter 11 Bankruptcy

Major healthcare provider CareMax files for Chapter 11 bankruptcy

CareMax, which operates 56 medical centers in Florida, Texas, Tennessee, and New York catering largely to older patients, filed for Chapter 11 bankruptcy in Texas on Sunday.

The Miami-based firm listed debts of $693 million and assets of $390 million, according to a filing with U.S. Bankruptcy Court for the Northern District of Texas.

In August, CareMax posted a second-quarter loss of $170.6 million and issued a going-concern warning. This month it disclosed it would not be able to file its third-quarter report with the U.S. Securities and Exchange Commission due to a lack of funds.

The company plans to pursue a sale or other transactions for its management services organization and core center assets.