{"id":345669,"date":"2025-12-15T17:54:56","date_gmt":"2025-12-15T17:54:56","guid":{"rendered":"https:\/\/peraltafinancing.com\/uncategorized\/judge-clears-path-for-modivcare-to-emerge-from-bankruptcy\/"},"modified":"2025-12-15T17:54:56","modified_gmt":"2025-12-15T17:54:56","slug":"judge-clears-path-for-modivcare-to-emerge-from-bankruptcy","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=345669","title":{"rendered":"Judge Clears Path For Modivcare To Emerge From Bankruptcy"},"content":{"rendered":"


\n<\/p>\n

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Modivcare has won court approval of its Chapter 11 reorganization plan, positioning the company to exit bankruptcy in the coming weeks.<\/p>\n

Judge Alfredo R. P\u00e9rez of the U.S. Bankruptcy Court for the Southern District of Texas confirmed the reorganization plan on Friday. Modivcare said that P\u00e9rez also supported the company\u2019s judgment in its business valuation and said that unsecured creditors would receive a \u201csignificant recovery.\u201d<\/p>\n

The judge\u2019s confirmation comes four months after Modivcare filed<\/a> for bankruptcy to shed $1.1 billion in debt and was subsequently delisted from the Nasdaq.<\/p>\n

\u201cWe engaged in this restructuring to build a stronger, more sustainable organization to meet the critical needs of our members and we are pleased to have reached this significant milestone,\u201d Heath Sampson, CEO and president of Modivcare, said in a Friday statement. \u201cWe look forward to completing this process and continuing our commitment to providing excellent service to clients and their members for years to come.\u201d<\/p>\n

Denver-based Modivcare is a provider of personal home care, non-emergency medical transportation and in-home monitoring solutions. The company said that its service lines would continue to operate without interruption. <\/p>\n

The judge\u2019s decision is despite objections from unsecured creditors that Modivcare undervalued the company, as outlined in court documents. <\/p>\n

The company reaffirmed Sampson\u2019s expectation that it would emerge from bankruptcy by the end of 2025. The CEO previously told<\/a> HHCN the bankruptcy filing was a \u201ctime to reset\u201d and ensure that the company would emerge even stronger.\u00a0<\/p>\n

\u201cIt is also pre-arranged,\u201d he said. \u201cThere\u2019s not a lot of uncertainty around, \u2018Who\u2019s going to be our owners? What\u2019s our future strategy?\u2019 It really is just alignment to ensure that we have the right balance sheet, we have the right liquidity, and then therefore could invest and continue to improve and get better across all our services.\u201d<\/p>\n

The bankruptcy proceedings have added fuel<\/a> to Maine politicians\u2019 complaints regarding the company\u2019s $750 million non-emergency medical transportation contract with the state.<\/p>\n

\u201cModivcare is bankrupt, they\u2019re being delisted by Nasdaq and local transportation providers are concerned that they won\u2019t even be paid for rides they\u2019ve already provided,\u201d state Sen. Mike Tipping, D\u2013Orono, said in an August statement. \u201cLet\u2019s take a moment to reconsider dismantling our local non-profit transportation infrastructure and handing them control over the lives of so many vulnerable Mainers.\u201d<\/p>\n

Sampson described lawmakers\u2019 complaints as \u201cpolitical noise\u201d and told HHCN he did not see any risk that the company would lose the contract.<\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

Modivcare has won court approval of its Chapter 11 reorganization plan, positioning the company to exit bankruptcy in the coming weeks. Judge Alfredo R. P\u00e9rez of the U.S. Bankruptcy Court for the Southern District of Texas confirmed the reorganization plan on Friday. Modivcare said that P\u00e9rez also supported the company\u2019s judgment in its business valuation […]<\/p>\n","protected":false},"author":1,"featured_media":298684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[168274,102765],"tags":[11433,50959,32969,21177,168275,14043],"dealstore":[],"offerexpiration":[],"class_list":["post-345669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-modivcare","category-personal-home-care","tag-bankruptcy","tag-clears","tag-emerge","tag-judge","tag-modivcare","tag-path"],"yoast_head":"\nJudge Clears Path For Modivcare To Emerge From Bankruptcy - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=345669\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Judge Clears Path For Modivcare To Emerge From Bankruptcy - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Modivcare has won court approval of its Chapter 11 reorganization plan, positioning the company to exit bankruptcy in the coming weeks. 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