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Bright Health seeks $300 million to avoid bankruptcy

Posted On: Mar. 2, 2023 10:04 AM CST

Bright Health Group Inc. needs to raise about $300 million to avoid bankruptcy after it overdrafted its credit, executives told investors, Fierce Healthcare reports. Chief Financial Officer Cathy Smith said that the company spent the $350 million available in its revolving credit facility, violating its liquidity covenant with its lenders as it is required to keep at least $200 million in that account.