Cano Health, Inc. (NYSE: CANO) ("Cano Health" or the "Company") announced today that on February 5, 2024, the New York Stock Exchange (the "NYSE") notified the Company that the NYSE had determined to (a) commence proceedings to delist the Company's Class A common stock, par value $0.01 per share ("Common Stock") and (b) immediately suspend trading in the Company's Common Stock pursuant to Section 802.01D of the NYSE Listed Company Manual after the Company filed voluntary petitions for relief und
U.S. stock index futures dipped on Monday, pressured by rising Treasury yields, as investors turned cautious on the timing of interest rate cuts while awaiting more quarterly reports from corporate America. In a gloomy start to the week, two-year Treasury yields jumped to a one-month high at 4.4% after Federal Reserve chair Jerome Powell said in an interview aired on Sunday that he wanted to wait to be a little more confident that inflation was sustainably falling before moving interest rates lower. Investors also took a breather from a recent bull-market run on Wall Street that saw the benchmark S&P 500 index and the blue-chips Dow end at record high levels on Friday, boosted by solid results from Meta Platforms and Amazon.com.
Cano Health filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware late on Sunday and said it entered into a restructuring support agreement to reduce debt and solicit potential offers, including the sale of the firm. The primary care provider said it has received a commitment for $150 million in new debtor-in-possession financing from some of its existing lenders, which is expected to provide sufficient liquidity to support its ongoing operations. Under the Restructuring Support Agreement (RSA), Cano Health said it can convert nearly $1 billion in secured debt into a combination of new debt and full equity ownership in the reorganized entity.