On January 28, 2025, a Sidley team successfully secured confirmation of the Chapter 11 plan of CareMax, Inc. (CareMax) and 53 affiliated debtors. CareMax filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas on November 17, 2024, and emerged 78 days later on February 3, 2025.
At the time of filing, Miami-based CareMax operated two lines of business: a network of 46 medical centers primarily based in Florida that largely provided value-based care to Medicare patients, and a management services organization supporting the provision of value-based care by a network of physicians. CareMax listed US$693 million of total debt and US$390 million in assets at the time of filing.
CareMax’s prearranged Chapter 11 plan was fully supported by the company’s secured lenders and embodied five separate sale transactions, including the sale of CareMax’s fully integrated medical centers to ClareMedica and the sale of the Medicare Shared Savings Program portion of the managed services business to Revere Medical. CareMax’s pharmacies and optical business were sold in three targeted transactions to existing stakeholders in the underlying businesses.
The Sidley team included Joshua Samek, Gabriel L. Valdes, Bradley H. Brodie, Karla E. Utset, Alexandra Rios, Joshua Blustein, and Jay Mares (all M&A); Tom Califano, Anthony Grossi, Jason Hufendick, Juliana Hoffman, Margaret Alden, Ryan Fink, Chelsea McManus, Veronica Courtney, Hayden Ross Golemon, Andreas Rauch, Sydney L. Box, Nicholas (Nick) Forger, and law clerks Julia Jean (JJ) Citron, Ben Luo, and Zoe Stern (all Restructuring); Margaret Allen, John J. Kuster, Angela C. Zambrano, Jon Muenz, Mitchell Alleluia-Feinberg, and Estelle Georges-Nason (all Commercial Litigation); Brenna E. Jenny, Jon Zucker, and Gabrielle Feliciani (all Healthcare); Tara M. Lancaster and Tyler J. Combest (both Tax); Cathryn Le Regulski and Kate Roberts (both Labor, Employment and Immigration); Christian E. Pilhofer (Employee Benefits and Executive Compensation); Jason Comer and Connor T. Evans (Real Estate); Kelly Lazaroff, Kristen Smith, Ethan Konschuh, and Sam Gerulsky (Global Finance); and Vadim Brusser and Jason Semmes (Antitrust and Competition).
