A Miami-headquartered and publicly traded healthcare network filed for Chapter 11 bankruptcy protection Sunday in Dallas, citing between $500 million and $1 billion in liabilities but less than $500 million in assets.
CareMax Inc. and more than 30 of its affiliated companies, which focus on medical care for elderly patients, saw its stock price plummet from more than $500 per share three years ago to less than $1.50 per share as it became the target of short sellers and reported a fourth-quarter loss of $170 million, according to Bloomberg Law.
The company’s general counsel, Meredith Longsworth, hired Sidley Austin as its lead legal advisor. The Sidley team is being led by partner Thomas Califano.
CareMax selected Alvarez & Marsal North America to serve as its financial advisor and Piper Sandler as its investment banker. The company’s press release states that Ropes & Gray is legal counsel for the secured creditors and Guggenheim Securities is their financial advisor. The full release can be found here.
The case is In re CareMax Accountable Care Network, Northern District of Texas, No. 24-80134.