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By Ted Bunker
CareMax became the latest U.S. healthcare provider to enter bankruptcy Sunday, seeking protection from creditors in the U.S. Bankruptcy Court for the Northern District of Texas and listing debts of as much as $1 billion and assets of no more than $500 million.
The company provides value-based care to more than 200,000 patients across 10 states.
CareMax went public through a reverse merger with a blank-check company backed by private-equity firm Deerfield Management under a December 2020 agreement that estimated the company’s post-merger market value at around $800 million.
CareMax stock closed at $1.68 in New York on Friday, giving the company a market value of about $6.4 million.
CareMax’s bankruptcy comes about six months after for-profit hospital operator Steward Health Care System’s chapter 11 filing, setting off a political firestorm as it closed hospitals in Massachusetts.
Write to Ted Bunker at ted.bunker@wsj.com
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