U.S. healthcare center operator CareMax has filed for bankruptcy protection in Texas. The company runs 56 healthcare centers primarily serving elderly patients across Florida, Texas, Tennessee, and New York.
According to documents filed with the Northern District of Texas Bankruptcy Court, the Miami-based company has liabilities amounting to $693 million against assets of $390 million. In August, CareMax reported a second-quarter loss of $170.6 million and issued a warning about its ability to continue as a going concern. This month, the company disclosed that it lacks the funds to file its third-quarter report with the Securities and Exchange Commission (SEC).
CareMax announced plans to sell or pursue other transactions for its management services organization and core center assets. The board of directors has approved the hiring of Alvarez & Marsal as financial advisors.
