ModivCare Avoids Default With Last-Minute Deal Lenders Urged [BNN Bloomberg (Canada)]
ModivCare Inc. (MODV)
Company Research
Source: BNN Bloomberg
A group of creditors had asked the company to secure such concessions by the end of September, according to people familiar with the discussions, and their own negotiations to gain protections on debt they provided in June put them in a position to make demands. Still, no one wanted to worsen the crisis at ModivCare. Investors had already fled based on default risks and management's hurried response to the liquidity gap, which involved opening the door to a potential new capital raise. Now, largely thanks to an agreement with banks amending its $325 million revolver on Tuesday, the company has a chance to recover from a month that saw its fortunes turn sharply. Details from the negotiations surrounding ModivCare's amendment may offer a more enduring lesson, demonstrating how lenders have the power to forestall the kind of corporate shenanigans that have seen peers lose billions to complex maneuvers that move assets out of their reach. A representative for ModivCare declined to
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- ModivCare Inc. (NASDAQ: MODV) had its "outperform" rating re-affirmed by analysts at Barrington Research. They now have a $25.00 price target on the stock.MarketBeat
- Implied Volatility Surging for ModivCare (MODV) Stock Options [Yahoo! Finance]Yahoo! Finance
- ModivCare Inc. (NASDAQ: MODV) had its price target raised by analysts at Barrington Research from $22.00 to $25.00. They now have an "outperform" rating on the stock.MarketBeat
- ModivCare Inc (MODV) Q3 2024 Earnings Call Highlights: Revenue Growth Amidst Strategic Shifts [Yahoo! Finance]Yahoo! Finance
MODV
Earnings
- 11/6/24 - Miss
MODV
Sec Filings
- 11/21/24 - Form 4
- 11/14/24 - Form SC
- 11/12/24 - Form 4
- MODV's page on the SEC website