Modivcare, a technology-enabled healthcare services company providing a platform of integrated supportive care solutions focused on improving health outcomes, announced the completion of its financial restructuring process and emergence from Chapter 11 protection.

Modivcare achieved the objectives it set for this process, including meaningfully reducing funded debt by $1.1 billion—more than 85% of prior funded debt—and successfully adding $100 million in new capital. The Company has also reduced its annual cash interest expense, and is emerging with a stronger balance sheet, improved liquidity and increased financial flexibility. Modivcare continued to operate in the ordinary course of business throughout the restructuring process, with no interruption to services for clients, members, providers or partners.

“This marks Day One of a stronger Modivcare,” said Heath Sampson, Chief Executive Officer and President of Modivcare. “We took deliberate action to strengthen our financial foundation so we could focus fully on what matters most: delivering reliable access to care at scale and investing in the capabilities our clients need for the future. We emerge with greater stability, a clear strategy and the ability to invest more aggressively in technology, analytics and service excellence.”

Modivcare emerges from Chapter 11 protection as a privately-owned company, under the ownership of a group of seasoned investors who are committed to its success.

“We have always believed in Modivcare’s leadership position,” said a representative of the investor group. “This restructuring strengthens the Company’s ability to invest at scale in the technology, data and operational capabilities that matter most to clients. Modivcare is well positioned to extend its leadership and continue delivering essential care in more efficient and innovative ways.”

The Company is proud to welcome new directors whose significant financial and strategic investments in Modivcare will help shape its future, alongside the continued guidance of many of its experienced Board members.