HOUSTON, Nov 17 (Reuters) - CareMax ( CMAX ), which

operates 56 medical centers in Florida, Texas, Tennessee and New

York catering largely to older patients, filed for Chapter 11

bankruptcy in Texas on Sunday.

The Miami-based firm listed debts of $693 million and assets

of $390 million, according to a filing with U.S. Bankruptcy

Court for the Northern District of Texas.

In August, CareMax ( CMAX ) posted a second-quarter loss of $170.6

million and issued a going-concern warning. This month it

disclosed it would not be able to file its third-quarter report

with the U.S. Securities and Exchange Commission due to a lack

of funds.

The company said it plans to pursue a sale or other

transactions for its management services organization and its

core centers assets. Directors have approved the hiring of

Alvarez & Marsal as financial advisers and Piper Sandler

as investment banker, the filing said.

The move follows bankruptcies by other healthcare groups

this year including Massachusetts-based Steward Health Care.

Steward filed for bankruptcy in May, seeking to sell all of its

31 hospitals and address $9 billion in debt.

CareMax ( CMAX ) in late 2022 had acquired the Medicare value-based

business of Steward for $25 million in cash and 23.5 million

shares of its stock. CareMax ( CMAX ) shares closed at $1.68 on Friday,

down 89% year to date.