The US Bankruptcy Court approved the modified fourth amended joint plan plan of reorganization of Cano Health, Inc. on June 28, 2024. The debtor has filed its modified fourth amended joint plan in the Court on June 27, 2024. As per the amended plan, administrative expense claims, professional fee claims, priority tax claims, other secured claims, shall be paid in full in cash.

DIP Claims shall be converted to exit facility. Other priority claims between the range of $1 million-$2 million shall be paid in full in cash. First Lien claims of $974 million shall be recovered 48.1% i.e., $468.49 million and shall receive pro rata share of the 1L Exit Facility Loans (if any), 100% of the New Equity Interests and if applicable, the discrete asset sale proceeds.

RSA GUC claims of $850 million shall be recovered 1% i.e., $8.5 million and shall receive its pro rata share of GUC Warrants. Non-RSA GUC claims of $38 million shall be recovered between 13.6%-19.1% and shall receive its pro rata share of the MSP cash amount, any Incremental Non-RSA GUC cash, and the litigation trust interests. Convenience claims of $1 million shall be recovered between 14.8%-43% and shall receive pro rata share of cash.

Intercompany claims of $1.45 billion shall be reinstated. Subordinated claims shall not receive any distribution under the plan. Existing subsidiary interests, Existing CH LLC interests, Existing PCIH interests shall be reinstated.

Existing CHI Interests shall be cancelled. The plan shall be funded through cash, sale of assets, exit facility, issue of warrants and common stock.