ModivCare ( (MODV) ) has provided an update.
ModivCare Inc. has amended its Credit Agreement, enhancing its financial flexibility by increasing the permitted maximum total net leverage ratio and reducing the minimum interest coverage ratio for the quarter ended September 30, 2024. Additionally, the company has successfully recouped approximately $60 million in previously delayed contract receivables. These strategic financial maneuvers, along with ongoing negotiations for a long-term relief amendment, demonstrate ModivCare’s proactive approach to maintaining covenant compliance and securing its financial foundations.
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