After emerging from Chapter 11 bankruptcy on December 29, 2025, Modivcare is owned by its former creditors, who converted roughly $1.1 billion of the company’s debt into equity in the reorganized business. The pre-bankruptcy public shareholders, including investment firm Coliseum Capital Management, which held about 31% of the stock, had their ownership interest effectively canceled through the court-approved restructuring plan. So the short answer to who owns Modivcare after bankruptcy is: the lenders and bondholders who were owed money before the filing, not the people who held MODV shares on the Nasdaq.
How the Ownership Handoff Happened
Modivcare and 70 affiliated subsidiaries filed voluntary Chapter 11 petitions on August 20, 2025, in the U.S. Bankruptcy Court for the Southern District of Texas.1Nasdaq. Modivcare Receives Nasdaq Delisting Notice Following Chapter 11 Filing The company was carrying about $1.4 billion in total debt, and existing lenders provided $100 million in debtor-in-possession financing to keep operations running during the case.2U.S. Securities and Exchange Commission. Exhibit 10.1 – Restructuring Support Agreement
The court confirmed Modivcare’s reorganization plan on December 15, 2025, and the plan took effect two weeks later, on December 29, 2025. Through that plan, the company reduced its funded debt by roughly $1.1 billion, cutting more than 85% of its debt load, and added $100 million in fresh capital.
The mechanism is standard in large Chapter 11 cases. When a company’s debts far exceed its value, creditors take the place of shareholders. They give up part of what they were owed and receive new equity in the reorganized company in exchange. Old common stock is canceled. That is what happened here.
Who the New Owners Are
The reorganized Modivcare is controlled by its former creditors. In most restructurings of this kind, that group is a mix of the company’s former secured lenders and bondholders. The specific identities and ownership percentages of the new post-emergence equity holders have not been fully disclosed in public filings as of early 2026.
Two things about the new ownership are clear. First, the company is no longer publicly traded on a major exchange. Second, day-to-day operations continued without interruption throughout the bankruptcy, and Modivcare kept its contracts with Medicaid and Medicare plans. The business that the new owners inherited is the same one that was operating before the filing.
What Happened to the Old Shareholders
Anyone who held Modivcare common stock before the Chapter 11 filing lost that investment through the restructuring. The plan eliminated existing equity, which is the normal outcome when creditors are not being paid in full.
Coliseum Capital Management
The single largest pre-bankruptcy shareholder was Coliseum Capital Management, a Connecticut-based investment firm with a long history at the company. Coliseum first built its stake back when Modivcare was called Providence Service Corporation, converting preferred stock into common shares in 2020 for roughly 13% of the company at the time.3Modivcare. Providence Announces Strategic Conversion Agreement With Holder of Majority of Series A Convertible Preferred Stock By September 2023, that position had grown to about 33%,4Yahoo Finance. Coliseum Capital Management, LLC Boosts Stake in ModivCare Inc and a November 2025 regulatory filing showed Coliseum still held roughly 31.2% of outstanding shares as the bankruptcy moved forward. That stake was wiped out along with everyone else’s.
Institutional and Retail Holders
Large asset managers such as BlackRock and Vanguard held positions in Modivcare through index funds and diversified portfolios before the filing. Those stakes were modest compared to Coliseum’s concentrated position but reflected the company’s inclusion in various market indexes. Retail investors who bought shares on the Nasdaq are in the same position as the institutions: their old equity was canceled by the plan.
Delisting and the MODVQ Ticker
Two days after the Chapter 11 filing, Nasdaq notified Modivcare that it would begin delisting proceedings. Trading on Nasdaq was suspended at the opening of business on August 28, 2025, and the company chose not to appeal.1Nasdaq. Modivcare Receives Nasdaq Delisting Notice Following Chapter 11 Filing The stock moved to the OTC Pink Market that same day under a new ticker, MODVQ.5The Options Clearing Corporation. MODV Becomes MODVQ
If MODVQ shares still appear in a brokerage account, that does not mean they retain value. The reorganization plan canceled the pre-bankruptcy equity, so those shares are essentially worthless. The company itself warned that it could not guarantee its stock would continue trading on the OTC market at all.
What the Company Still Does
The reorganized Modivcare operates the same three business lines it had before the filing. The largest is non-emergency medical transportation, or NEMT, which arranges rides for Medicaid and Medicare members to medical appointments, dialysis, and other care. Modivcare calls itself the nation’s leading NEMT provider, coordinating roughly 35 million paid trips per year.6Modivcare. Modivcare Personal care services provide in-home help with daily activities, and a smaller remote patient monitoring segment supports patients managing chronic conditions from home. The company also holds a minority equity interest in Matrix Medical Network.7Modivcare. Modivcare Announces Acquisition of WellRyde
The Securities Lawsuit Does Not Change Ownership
Separate from the bankruptcy, Modivcare faces a securities fraud class action in the U.S. District Court for the District of Colorado. The class period runs from November 2022 through September 2024, and the plaintiffs allege that leadership made misleading statements about the health of certain NEMT contracts, the effect of contract renegotiations on earnings, and the company’s liquidity. As of March 2026, defendants had filed a motion to dismiss and the case remained pending.
A win for the plaintiffs would not restore the old shareholders’ ownership or reverse the Chapter 11 result. It could produce a payout to class members from insurance or settlement funds, but the post-bankruptcy ownership structure of the reorganized Modivcare would stay with the former creditors.