A Denver-based medical transportation company has filed for Chapter 11 bankruptcy protection in the Southern District of Texas, stating the court restructuring is “intended to strengthen its financial foundation while continuing to provide access to care, reduce costs, and improve outcomes for clients and members nationwide.”
Citing more than 25,000 creditors and $1 billion to $10 billion in financial liabilities, ModivCare Inc. and 70 of its affiliated businesses hired Latham & Watkins and Hunton Andrews Kurth as its lead legal advisors for the restructuring.
The company, which generated $2.7 billion in revenue in 2024 and was listed on the NASDAQ, has selected Moelis & Company and FTI Consulting as its restructuring and financial advisors.
In court documents, ModivCare claims that more than 90 percent of first-lien lenders and more than 70 percent of second-lien lenders have entered into a restructuring support agreement with the company. Those holding the liens are advised by Paul Hastings and Lazard.
The bankruptcy has been assigned to Houston Bankruptcy Judge Alfredo Perez.
The case is In re ModivCare, SDTX, No. 25-90309.