By Ben Glickman


Cano Health said it reached a deal with the committee representing unsecured creditors and received court approval for its disclosure statement.

The primary care provider, currently in Chapter 11 proceedings, said Tuesday the approval set it up to solicit creditor approval of its reorganization plan. The company expects to emerge from bankruptcy in the third quarter.

Cano said the global agreement with the Unsecured Creditors Committee, which represents the interests of general unsecured creditors, was supported by the Ad Hoc Lender Group.

Chief Executive Mark Kent said the company was on track to reach its target of $290 million in cost reductions.

Cano entered bankruptcy in February.


Write to Ben Glickman at ben.glickman@wsj.com


(END) Dow Jones Newswires

05-21-24 1748ET