Latham Represents Modivcare in Successfully Completing Financial Restructuring of US$1.4 Billion of Total Debt Obligations and Emerging From Chapter 11 Protection

Modivcare Inc. (OTCMKTS: MODVQ), a technology-enabled healthcare services company providing a platform of integrated supportive care solutions focused on improving health outcomes, has announced the completion of its financial restructuring process and emergence from Chapter 11 protection. Modivcare achieved the objectives it set for this process, including meaningfully reducing funded debt by US$1.1 billion — more than 85% of prior funded debt — and successfully adding US$100 million in new capital. The company has also reduced its annual cash interest expense, and is emerging with a stronger balance sheet, improved liquidity, and increased financial flexibility. Modivcare continued to operate in the ordinary course of business throughout the restructuring process, with no interruption to services for clients, members, providers, or partners.

Latham & Watkins LLP represented Modivcare in the process with a Restructuring & Special Situations team led by partners Ray C. Schrock, Keith Simon, and George Klidonas, complemented by Latham’s world class liability management, corporate, litigation, healthcare, regulatory, and tax teams.