(Bloomberg) -- Miami-based CareMax Inc., which runs a system of medical centers catered toward elderly patients, has filed for bankruptcy.
Publicly traded CareMax filed Chapter 11 in Texas on Sunday, listing assets of between $100 million and $500 million, and liabilities between $500 million and $1 billion.
CareMax sought court protection after cutting costs and attempting to refinance its debt. The company had also explored selling some of its assets, and warned in securities filings that it would attempt to restructure in Chapter 11 if it was unable to get enough relief from creditors and landlords.
The company, which has attracted the attention of short sellers, has seen the price of its stock decline over the last few years. The company reported a net loss of $170.6 million for the second quarter of 2024.
CareMax’s clinics are primarily located in Florida, but the health care provider also has locations in Tennessee and New York, according to its website.
The company filed bankruptcy months after private health system Steward Health Care sought court protection in Texas. Petersen Health Care Inc., a senior living and skilled nursing company, filed Chapter 11 in March.
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