Bright Health Group has secured $60 million in credit capacity, with the financing expected to support the working capital needs of the company until the closing of its California Medicare Advantage business to Molina Healthcare.
The insurer, which has been struggling financially, announced that on Aug. 4, it entered into a credit facility with an investment partnership of New Enterprise Associates with $60 million of credit capacity. Bright Health has also announced it has entered into a permanent waiver of default on its existing credit facility, which expires in February 2024, Healthcare Finance reports.
In June, Barclays had downgraded Bright Health due to reasons of liquidity and Medicare medical loss ratio pressure. Read more.
